Solve part iii - What is the marginal revenue for the 8th lesson? $__ Complete the following table showing the demand for snow skiing lessons per day. Do this by filling in the values for (i), (ii), and (iii).Average Revenue(AR = TR/Q)Marginal Revenue(MR-ΔTR/ΔQ)LessonsTotal Revenue(TR =Px Q)$0per Day (Q)Price (P)$9018686$86$86282164827878(i)2967870474746270350(ii)546.663966646762434623885846458(iii)(i) Total revenue for 3 lessons is $ 234 .(ii) Average revenue for 5 lessons is $ 70.(iii) Marginal revenue for the 8" lesson is $

Answer to the question is a follows :Answer to sub part i When Q =3 , then P= $78. Therefore , Total Revenue = P×Q= $78 ×3 =$234 Answer to the sub part ii For the 5th lesson , Total Revenue TR =350. However , Average Revenue is the per unit Total Revenue . Mathematically , AR =TRQ=3505=70. Answer to sub part iii Marginal Revenue is the additional revenue obtained by selling an extra unit of the good or service .Mathematically , MR = TRn - TRn-1. Therefore , Marginal Revenue for the 8th lesson is given by MR8 =∆TR∆Q= TR8- TR7 8-7=$464 -$4341=$30

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Economics

Complete the following table showing the demand for snow skiing lessons per day. Do this by filling in the values for (i), (ii), and (iii). Average Revenue (AR = TR/Q) Marginal Revenue (MR = ATRIAQ) Lessons Total Revenue per Day (Q) Price (P) $90 (TR=P×Q) $0 1 86 86 $86 $86 2 82 78 164 82 78 3 (i) 78 70 4 74 296 74 62 70 350 (ii) 54 66 396 66 46 7 62 434 62 38 58 464 58 (iii) (i) Total revenue for 3 lessons is $ 234 . (ii) Average revenue for 5 lessons is $ 70. (iii) Marginal revenue for the 8" lesson is $

Complete the following table showing the demand for snow skiing lessons per day. Do this by filling in the values for (i), (ii), and (iii). Average Revenue (AR = TR/Q) Marginal Revenue (MR = ATRIAQ) Lessons Total Revenue per Day (Q) Price (P) $90 (TR=P×Q) $0 1 86 86 $86 $86 2 82 78 164 82 78 3 (i) 78 70 4 74 296 74 62 70 350 (ii) 54 66 396 66 46 7 62 434 62 38 58 464 58 (iii) (i) Total revenue for 3 lessons is $ 234 . (ii) Average revenue for 5 lessons is $ 70. (iii) Marginal revenue for the 8" lesson is $

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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