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Complete the table below by calculating what the monthly average total revenue is for year 107, what the monthly average total revenue is for year 108, and the change in average total monthly revenue for these two years
Complete the table below by calculating what the monthly average total revenue is for year 107, what the monthly average total revenue is for year 108, and the change in average total monthly revenue for these two years. How have these numbers changed?
Using your answer to part a. above, how could you have predicted the change in total monthly revenue that you found in part b. above?
Year (WBCE) Monthly barrels of ggao berries demanded Price per barrel Change in average total monthly revenue Monthly average total revenue 107 700 $70 (enter text here) (enter text here) 108 600 $84 (enter text here) (enter text here) (enter text here) (enter text here) (enter text here) (enter text here) (enter text here)
Expert Solution
Computation of Total Revenue for Year 107:
Total Revenue = Quantity*Price
= 700 * $70
Total Revenue = $49,000
Computation of Monthly Average Total Revenue for Year 107:
Average Total Revenue = Total Revenue / Quantity
= $4,900/700
Average Total Revenue = $700
Computation of Total Revenue for Year 108:
Total Revenue = Quantity*Price
= 600 * $84
Total Revenue = $50,400
Computation of Monthly Average Total Revenue for Year 108:
Average Total Revenue = Total Revenue / Quantity
= $50,400/600
Average Total Revenue = $84
Computation of Change in Average Monthly Total Revenue:
Change in Average Monthly Total Revenue = $84-$70 = $14
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