Revenue Concepts

Economics ⇒ Consumer and Producer Behaviour

Revenue Concepts starts at 11 and continues till grade 12. QuestionsToday has an evolving set of questions to continuously challenge students so that their knowledge grows in Revenue Concepts. How you perform is determined by your score and the time you take. When you play a quiz, your answers are evaluated in concept instead of actual words and definitions used.

See sample questions for grade 11

A firm sells 4 units at Rs. 50 each and 5 units at Rs. 48 each. What is the marginal revenue of the 5th unit?

A firm sells 7 units at Rs. 15 each. What is its total revenue?

A firm’s total revenue at 2 units is Rs. 60 and at 3 units is Rs. 90. What is the marginal revenue of the 3rd unit?

A firm’s total revenue at 3 units is Rs. 90 and at 4 units is Rs. 120. What is the marginal revenue of the 4th unit?

A firm’s total revenue from selling 5 units is Rs. 250, and from selling 6 units is Rs. 270. What is the marginal revenue of the 6th unit?

A firm’s total revenue increases from Rs. 400 to Rs. 420 when output increases from 8 to 9 units. What is the marginal revenue of the 9th unit?

Define total revenue.

Describe the relationship between total revenue, average revenue, and marginal revenue.

Describe the shape of the total revenue curve under perfect competition.

Explain the relationship between price elasticity of demand and total revenue.

Explain the relationship between total revenue and marginal revenue.

Explain why marginal revenue is less than average revenue under monopoly.

Explain why the average revenue curve is also called the demand curve for a firm.

If a firm sells 10 units at Rs. 20 each, what is its total revenue?

If a firm’s average revenue is Rs. 25 and it sells 8 units, what is its total revenue?

If a firm’s average revenue is Rs. 30 and it sells 10 units, what is its total revenue?

If a firm’s marginal revenue is negative, what is happening to its total revenue?

If a firm’s total revenue is Rs. 600 from selling 12 units, what is its average revenue?

If a firm’s total revenue is Rs. 800 from selling 20 units, what is its average revenue?

If total revenue increases as output increases, what can you say about marginal revenue?