Use the following table to answer Questions 21-30. The blank columns are provide

Question

Use the following table to answer Questions 21-30. The blank columns are provided for you as workspace-only answers to the multiple choice questions are graded. elling Tota Price arginal Total Margina Quantity of RevenueRevenue Cost Cost 1000 1600 2000 2500 3100 21. If the scooter producer makes and sells 1 scooter, what will e its total revenue? a) $o b) $ 1,000 c) $ 1,400 d) $ 1,600 e) $ 1,700 22. If the scooter producer makes and sells 4 scooters, what will be its total revenue? a) $ 800 b) $ 1,700 c) $ 3,100 d) $ 3,200 e) $ 12,400 23. If the scooter producer decides to make and sell 2 scooters rather than 1 scooter, how much additional revenue will the firm gain? a) $o b) $1,100 c) $1,400 d) $ 2,800 e) $ 4,000 24. If the scooter producer decides to produce 4 scooters rather than 3 scooters, how much additional revenue will the firm gain? a) $-100 b) S0 c) $ 100 d) $ 800 ) $ 3,200

Explanation / Answer

21. Total revenue = Price * quantity

= 1700 * 1 = $1700

OPTION E

22. Total revenue when Q =4

= 800 * 4 = $3200

OPTION D

3. additional revenue by selling 2 computers = TR when Sold 2 computers - TR when sold 1 computer

= (1400 * 2 ) - ( 1700 * 1) = $1100

OPTION B

4. additional revenue by selling 4 computers = TR when Sold 4 computers - TR when sold 3 computer

= ( 800 * 4 ) - ( 1100 * 3) = $ -100

OPTION A

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