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 $

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ISBN:9780190931919

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Chapter1: Making Economics Decisions

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Question

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)
Lessons
Total Revenue
(TR =Px Q)
$0
per Day (Q)
Price (P)
$90
1
86
86
$86
$86
2
82
164
82
78
78
(i)
296
78
70
4
74
74
62
70
350
(ii)
54
6.
66
396
66
46
7
62
434
62
38
8
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 $

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