The table above shows the total cost for Happy Cows, a perfectly competitive dairy farm, at various levels of production. The price for Happy Cows dairy is $10 per unit of dairy product.
-Refer to the table above. What is the marginal revenue of producing the 500th unit of dairy product?

Question

Quizplus · Accepted Answer

Marginal revenue is the additional revenue that a company earns by selling one more unit of a product. It is calculated by finding the difference in total revenue when the quantity sold increases by one unit. Without the specific table data, we can't calculate the exact figure, but based on the options provided, $10 seems to be a reasonable estimate for the marginal revenue of producing an additional unit of a dairy product, assuming it's a small incremental amount compared to larger figures like $5,000 or $1,545.

The Table Above Shows the Total Cost for Happy Cows