Revenue Concepts
Economics ⇒ Consumer and Producer Behaviour
Revenue Concepts starts at 11 and continues till grade 12.
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See sample questions for grade 12
Define total revenue. How is it calculated?
Describe the relationship between price elasticity of demand and marginal revenue.
Describe the shape of the total revenue curve under perfect competition.
Explain the relationship between total revenue, average revenue, and marginal revenue.
A firm sells 10 units at ₹50 each. If the price falls to ₹48 and it sells 11 units, what is the marginal revenue of the 11th unit?
A firm’s total revenue at 3 units is ₹90, and at 4 units is ₹120. What is the average revenue at 4 units?
A firm’s total revenue at 5 units is ₹250 and at 6 units is ₹270. What is the marginal revenue of the 6th unit?
A firm’s total revenue at 7 units is ₹210, and at 8 units is ₹208. What is the marginal revenue of the 8th unit?
Which of the following is correct about marginal revenue under monopoly? (1) It is always positive. (2) It can be negative. (3) It is always equal to average revenue. (4) It is always zero.
Which of the following is correct about the relationship between AR and MR under monopoly? (1) MR is above AR. (2) MR coincides with AR. (3) MR is below AR. (4) MR is unrelated to AR.
Which of the following is not a revenue concept? (1) Total Revenue (2) Average Revenue (3) Marginal Revenue (4) Total Cost
Which of the following is not true about total revenue? (1) It can decrease if marginal revenue is negative. (2) It is the sum of marginal revenues. (3) It is always increasing. (4) It is equal to price times quantity.
Average revenue is equal to ________.
Fill in the blank: Marginal revenue is the change in ________ when one more unit is sold.
Fill in the blank: The area under the marginal revenue curve up to a certain output gives the ________ revenue.
Fill in the blank: The marginal revenue curve cuts the X-axis where total revenue is at its ________.
State whether the following is true or false: Marginal revenue can be negative.
True or False: Average revenue can never be negative.
True or False: If marginal revenue is negative, total revenue is decreasing.
True or False: In monopoly, marginal revenue is always less than average revenue except for the first unit sold.
