The total revenue and marginal revenue.

Question

Assuming the market equilibrium price for tomatoes is $1.75 per kilo in perfect competition market. Draw the total revenue and marginal revenue curves for the typical tomato grower on the same graph. Explain how marginal revenue and price are related to the total revenue.

Answer 1

Question

Chapter 8, Problem 4SQP

To determine

The total revenue and marginal revenue.

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