Farmer Jones grows oranges in Florida. Suppose the market for oranges is perfect
ID: 1122192 • Letter: F
Question
Farmer Jones grows oranges in Florida. Suppose the market for oranges is perfectly competitive LOADING... and that the market price for a crate of oranges is $1919 per crate. Fill in total revenue, average revenue, and marginal revenue in the table below. (Enter your responses as integers.)
Crates of
Oranges
Market Price
(per crate)
Total Revenue
(TR)
Average Revenue
(AR)
Marginal Revenue
(MR)
0
$19
$
long dash—
long dash—
1
19
$
$
2
19
3
19
4
19
5
19
nothing
nothing
nothing
Crates of
Oranges
Market Price
(per crate)
Total Revenue
(TR)
Average Revenue
(AR)
Marginal Revenue
(MR)
0
$19
$
long dash—
long dash—
1
19
$
$
2
19
3
19
4
19
5
19
nothing
nothing
nothing
Explanation / Answer
Answer
TR=P*Q
MR of n th unit=(TR of n units -TR of p units)/(n-p)...................n>p
AR=TR/Q
Q P TR AR MR 0 19 0 1 19 19 19 19 2 19 38 19 19 3 19 57 19 19 4 19 76 19 19 5 19 95 19 19Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.