The following table shows the quantity of leather purses, total cost, total revenue and marginal revenue for a Caribbean manufacturer of leather products. Quantity of purses Total cost Total Revenue Marginal revenue Average revenue Average cost Marginal cost 0 8 0 - 1 9 8 8 2 10 16 8 3 11 24 8 4 13 32 8 5 19 40 8 6 27 48 8 7 37 56 8 Table 2. Copy the table to your booklet and complete it to show, the average revenue, average cost and marginal cost for each level of output
B. The following table shows the quantity of leather purses, total cost, total revenue and
marginal revenue for a Caribbean manufacturer of leather products.
Quantity of purses Total cost Total Revenue Marginal revenue Average revenue Average cost Marginal cost
0 8 0 -
1 9 8 8
2 10 16 8
3 11 24 8
4 13 32 8
5 19 40 8
6 27 48 8
7 37 56 8
Table 2.
Copy the table to your booklet and complete it to show, the average revenue, average cost and
marginal cost for each level of output.
C.
i. Sketch the Average cost and the marginal cost
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