6 Questions
At OQ level of output, MR = 0, TR is maximum (at point ____)
H
At point P, corresponding to OQ level of output, e = ___ (P is midpoint)
1
If the quantity is greater than OQ, it will correspond to that portion of the AR curve where e < __
1
Beyond OQ level of output MR < 0 (-ve), TR ______
declines
For a quantity less than OQ, e > __ and MR is +ve
1
Where elasticity is less than unity, MR is ______
negative
Explore concepts of cost and revenue in microeconomics through analysis of output levels, marginal revenue, total revenue, and elasticity under imperfect competition.
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