Please explain how to calculate total revenue a) Suppose that in an attempt to boost the price of blueberries for its farmers, the government of Roni introduces a quota that limits thetotal amount that farmers can sell to 500,000 kilos. What is the maximum price at which this quantity could be sold? Round youranswer to 1 decimal place.0.9b) What would be the farmers' total revenue as a result of the quota?$ 450000c) What if this government decides, instead of using a quota, to introduce a price floor of $0.9 per kilo? What would be thesurplus/shortage and the resulting total revenue of farmers?surplusof 200000| and total revenue: $ 450000

Total revenue is the amount that a firm or individual receives after selling the output.

Answered: Please explain how to calculate total…

Business

Economics

Please explain how to calculate total revenue

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Q: How do you calculate the revenue of a firm that produces only one good?

A: ANS TR is the value of the total number of goods sold by a firm in monetary terms. It is the product…

Q: at a subscription price of $12.99 per month the peloton app has 874,000 digital subscribers .…

A: To find out how much money Peloton makes in total each month from its digital subscription service,…

Q: PriceQuantity Total Demanded Revenue Revenue Marginal Total Cost Marginal Cost $24 1000 $24,000 ***…

A: GIVEN Price Quantity Demanded Total Revenue Marginal Revenue Total Cost Marginal Cost $24…

Q: Calculate marginal revenue for Q = 5

A: Marginal revenue is the additional revenue a firm gets by selling an additional unit of output.

Q: AutoSave Document3 Home Insert Draw Design Layout References Mailings Review View Tell me e Share…

A: Total revenue refers to the receipts received after the sales of the given quantity of a commodity…

Q: f profit for the shoes firm is $400 and the cost is $800 Calculate total reven

A: Total revenue refers to price multiplied by quantity. Total revenue refers to total receipts from…

Q: Calculate average revenue if output sold is 20 units and total revenue is $250

A: The information being given is:- Output sold = 20 units Total revenue = $250 We have to calculate…

Q: how does the production theory and concepts affect revenue

A: Production is the process of transformation of inputs into output with use of services of factors…

Q: uantity Price ($) Total Revenue ($) Marginal Revenue ($) Total Cost ($) Marginal Cost ($)…

A: A firm maximises its total profit in a very noncompetitive market by equalisation monetary value to…

Q: Calculate total revenue and marginal revenue and then answer three questions about price and…

A: Marginal revenue is the additional revenue earned when an additional unit of output is sold.

Q: What is the cost revenue? Explain with example?

A: Cost revenue is the total expenditure of producing and delivering a product or service to customers.…

Q: Find average revenue if output is 100 units and total revenue is $2000

A: The information being given to us is:- Total revenue of firm = $2000 Output = 100 units We have to…

Q: Q- Its given that the average revenue is $67 and the total quantity sold is 5 calculate the total…

A: Given that; Average Revenue AR = $67 Q = 5

Q: Morgan took $400 000 out of their savings account to start an ice cream stand. The savings account…

A: Given:Implicit cost:=4,00,000*5%=$20,000Explicit cost=Incurred cost=$12,000Total…

Q: Calculate average revenue when it is given that Total revenue is $70 and output is 5 units

A: Given information is as follows:- Total revenue = $70 Output = 5 units We need to find the value of…

Q: Use the table to compute the marginal revenue and marginal cost

A: Marginal revenue is given as the additional revenue generated by producing one more unit of a good.…

Q: Q- Its given that the average revenue is $67 and the total quantity sold is 5 calculate the total…

A: # We know that the average revenue is given as the ratio of Total revenue to quantity. AR = TR/Q

Q: Fatima sells 100 bottles of homemade ketchup for $ 10 each. The cost of the ingredients, the…

A: Answer: Given, Total number of bottles sold= 100 Price of a bottle=$10 Cost of ingredients, the…

Q: The value of Total revenue is $400 and the average revenue is $40 Calculate the output

A: # if we are given the value of total revenue and average revenue then we can easily calculate the…

Q: Price is given to be as $70 and the total quantity sold are 87 calculate the total revenue generated

A: # We know that we can calculate the total revenues generated by the firm by simply multiplying the…

Q: If total revenue is $300 and output is 10 units Find average revenue

A: According to the above mentioned question, we have:- Total revenue = $300 Output = 10 units Average…

Q: A firm collect $300 by selling 5 bicycle and collect $330 by selling 6 bicycle. Calculate the…

A: The selling price of 5 units (bicycle) = $300 The selling price of 6 units (bicycle) = $330

Q: Calculate average revenue when quantity is 13 and the total revenue is 550

A: # We know that the average revenue is Given as:- AR = Total cost / Total quantity

Q: Your friend decides to travel abroad to a popular destination to operate a business. He is faced…

A: Given: Total Fixed Cost: $ 2000 per month Constant Marginal Cost: $ 31

Q: Q- Its given that the average revenue is $67 and the total quantity sold is 5 calculate the total…

A: Introduction :

Q: Define total revenue?

A: The firm can have two different objectives, either to maximize profits or to maximize the…

Q: What is meant by economy of scope and how does Starbucks use it?

A: Economies of Scale: Economies of scale are the cost advantages of a firm when they increas their…

Q: On the following graph, use the green point (triangle symbol) to plot the weekly total revenue when…

A: The total receips collected from the sale of goods at the market price is known as the total…

Q: Can total revenue equal to 0

A: Revenue is the money that a firm earns when it sells its goods and services to customers.

Q: What is the definition of Total Revenue and Marginal Revenue

A: In economics, total revenue and marginal revenue both terms are used.

Q: Find average revenue if total revenue is $4400 and output is 22

A: The data presented in the above question is:- Total revenue = $4400 Output = 22 We need to…

Q: Express the relationships among revenue, cost, profit, and volume?

A: Producer behavior can be assessed by understanding the relationship between revenue, cost, profit,…

Question

Please explain how to calculate total revenue

a) Suppose that in an attempt to boost the price of blueberries for its farmers, the government of Roni introduces a quota that limits the
total amount that farmers can sell to 500,000 kilos. What is the maximum price at which this quantity could be sold? Round your
answer to 1 decimal place.
0.9
b) What would be the farmers' total revenue as a result of the quota?
$ 450000
c) What if this government decides, instead of using a quota, to introduce a price floor of $0.9 per kilo? What would be the
surplus/shortage and the resulting total revenue of farmers?
surplus
of 200000| and total revenue: $ 450000

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

A firm operating with average revenue $100 and producing total 10 phones. How would I calculate total revenue of the firm?
Macmillan Learning Quantity (units) Fixed cost ($) Variable cost ($) Total revenue ($) 10 100 11 100 12 888 36 1,000 74 1,100 100 145 1,200 13 100 14 100 15 100 16 100 17 100 88888 202 1,300 300 1,400 435 1,500 588 1,600 774 1,700 a. What is the marginal revenue received from the 11th unit? b. What is the marginal cost of producing the 11th unit? $ c. What price does this firm charge for each hard drive? d. How many units should this firm produce to maximize profits? e. When profit maximizing, what is this firm's profit? $ per unit units
ECONOMICS LECTURE NOTE 5.1.3 Example Use the table below to answer the questions that follows Commodity x Quantity Commodity y Quantity Marginal utility 60 Average utility 1 30 2 50 2 27 3 35 3. 22 4 15 4. 18 5 5 15 6. 6. 12 iii. Which of the commodities would he pay higher price when 4 units are consumed? Suppose the price of X is 5 and that of Y is 4. How many of the quantity of X and Y should be consumed in order for the consumer to be in iv. equilibrium. If price of X increase to 10 whiles that of Y remains the same, explain how the equilibrium conditions will behave.
For distract driving
in the month of Janaury a car dealership bought its vehicles for $100.000 and sold them for $145,000 It pays its employees $20,000 for the month. What is the gross profit for January? Ⓒ$45.000 Ⓒ$25.000 $100.000 $145.000
Typed plz and asap please provide me a quality solution for better rating and take care of plagiarism also
Explain the concept of total revenue and total cost
A big disadvantage with purchasing software off-the-shelf is ______________.
A Exercise (Structured Questions) G bought goods on credit from lab x deby TUZMJK4/a/MJM4NDI3MTA5M)YY/details cost, average fixed cost, long marginal revenue is Open with Google Docs fit. run average cost, total 3. Given information in the following table: Quantity Price (RM) Total Cost 60 18 58 20 3. 54 24 48 30 5 40 38 28 50 14 70 b. Determine the quantity produced by the firm c. How much does the firm earn in terms of profit" d. What is the average cost of the firm? e Sketch the AC, AR, MR and MC curve without a seale.
The economic profit is $3000, Total revenue is $5000, explicit cost is $800 Calculate implicit cost
(1) Are there any major sales revenue as well as side revenue that can be earned in the business? write one page
Use the above figure. Total revenue at the profit-maximizing output is