Table 14-2
The following table presents cost and revenue information for Soper's Port Vineyard.

-Refer to Table 14-2.Consumers are willing to pay $120 per unit of port wine.What is the average revenue when 4 units are sold?

Question

Table 14-2
The following table presents cost and revenue information for Soper's Port Vineyard.
 
-Refer to Table 14-2.Consumers are willing to pay $120 per unit of port wine.What is the average revenue when 4 units are sold?

Quizplus · Accepted Answer

Average revenue is the total revenue divided by the quantity sold. If consumers are willing to pay $120 per unit, the total revenue for 4 units is $480. Thus, the average revenue is $480/4 = $120.

Table 14-2 The Following Table Presents Cost and Revenue Information for Soper's