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Farmer Jones grows orange in Florida
Farmer Jones grows orange in Florida. Suppose the market for oranges is perfectly competitive and that the market price for a crate of oranges is $18 per crate.
Fill in total revenue, average revenue, and marginal revenue in the table below.
| Crates of Oranges | Market Price (per crate) | Total Revenue (TR) | Average Revenue (AR) | Marginal Revenue (MR) |
|---|---|---|---|---|
| 0 | $18 | |||
| 1 | 18 | |||
| 2 | 18 | |||
| 3 | 18 | |||
| 4 | 18 | |||
| 5 | 18 |
Expert Solution
Total Revenue (TR) = Price (P) x Quantity (Q)
Average Revenue (AR) = Total Revenue (TR) / Quantity (Q)
Marginal Revenue = change in total revenue (TR)/change in quantity
| Crates of Oranges | Market Price (per crate) | Total Revenue (TR) | Average Revenue (AR) | Marginal Revenue (MR) |
|---|---|---|---|---|
| 0 | $18 | 0*18 = 0 | 0/0 = 0 | - |
| 1 | 18 | 1*18 = 18 | 18/1 = 18 | (18-0)/(1-0) = 18 |
| 2 | 18 | 2*18 = 36 | 36/2 = 18 | (36-18)/(2-1) = 18 |
| 3 | 18 | 3*18 = 54 | 54/3 = 18 | (54-36)/(3-2) = 18 |
| 4 | 18 | 4*18 = 72 | 72/4 = 18 | (72-54)/(4-3) = 18 |
| 5 | 18 | 5*18 = 90 | 90/5 = 18 | (90-72)/(5-4) = 18 |
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