Complete the following table showing the demand for snow skiing lessons per day. Do this by filling in the values for (i). (ii), and (ii. Average Revenue (AR= TR/Q) Marginal Revenue (MR-ΔTRΔQ) Lessons Total Revenue Price (P) $70 per Day (Q) (TR=PxQ) $0 65 60 55 65 $65 $65 120 60 55 (i) 200 55 50 45 225 (ii) 40 40 240 35 245 35 8. 30 240 30 (iii) (i) Total revenue for 3 lessons is S (ii) Average revenue for 5 lessons is S (iii) Marginal revenue for the 8th lesson is s
Complete the following table showing the demand for snow skiing lessons per day. Do this by filling in the values for (i). (ii), and (ii. Average Revenue (AR= TR/Q) Marginal Revenue (MR-ΔTRΔQ) Lessons Total Revenue Price (P) $70 per Day (Q) (TR=PxQ) $0 65 60 55 65 $65 $65 120 60 55 (i) 200 55 50 45 225 (ii) 40 40 240 35 245 35 8. 30 240 30 (iii) (i) Total revenue for 3 lessons is S (ii) Average revenue for 5 lessons is S (iii) Marginal revenue for the 8th lesson is s
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
![Complete the following table showing the demand for snow skiing lessons per day. Do this by filling in the values for (i), (ii), and (ii).
Average Revenue
(AR = TR/Q)
Marginal Revenue
(MR = ATRIAQ)
Lessons
Total Revenue
(TR =PxQ)
Price (P)
$70
per Day (Q)
$65
55
45
1
65
65
60
55
50
45
$65
2
3
120
60
(i)
200
225
55
4
50
35
5
(ii)
40
25
6.
40
240
15
7
35
245
35
5
8
30
240
30
(ii)
(i) Total revenue for 3 lessons is $
(ii) Average revenue for 5 lessons is S
(iii) Marginal revenue for the 8th lesson is $](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb03b9583-f53d-4c59-872a-95d5d55f6d76%2F2a24676a-b5ae-4d26-a6a3-2a4d6863f72d%2F7zk8vz8_processed.png&w=3840&q=75)
Transcribed Image Text:Complete the following table showing the demand for snow skiing lessons per day. Do this by filling in the values for (i), (ii), and (ii).
Average Revenue
(AR = TR/Q)
Marginal Revenue
(MR = ATRIAQ)
Lessons
Total Revenue
(TR =PxQ)
Price (P)
$70
per Day (Q)
$65
55
45
1
65
65
60
55
50
45
$65
2
3
120
60
(i)
200
225
55
4
50
35
5
(ii)
40
25
6.
40
240
15
7
35
245
35
5
8
30
240
30
(ii)
(i) Total revenue for 3 lessons is $
(ii) Average revenue for 5 lessons is S
(iii) Marginal revenue for the 8th lesson is $
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