Table 9-2
$\begin{array}{|c|c|c|c|c|}
\hline\begin{array}{c}
\text { Apples } \
\text { (pounds) }
\end{array} & \begin{array}{c}
\text { MarketPrice } \
\text { per Pound }
\end{array} & \begin{array}{c}
\text { Total } \
\text { Revenue } \
(\text { TR) }
\end{array} & \begin{array}{c}
\text { Average } \
\text { Revenue } \
\text { (AR) }
\end{array} & \begin{array}{c}
\text { Marginal } \
\text { Revenue } \
\text { (MIR) }
\end{array} \
\hline 0 & \$ 3 & \$ 0 & \cdots& \cdots \
\hline 100 & & & & \
\hline 150 & & & & \
\hline 200 & & & & \
\hline 250 & & & & \
\hline 300 & & & & \
\hline 350 & & & & \
\hline 400 & & & & \
\hline
\end{array}$ Table 9-2 lists the various pounds (lbs.) of apples that Margie Stattler can sell. Assume that Margie operates in a perfectly competitive market.
-Refer to Table 9-2.What is Margie's total revenue if she sells 250 pounds of apples?

Question

Table 9-2
 $\begin{array}{|c|c|c|c|c|}
\hline\begin{array}{c}
\text { Apples } \
\text { (pounds) }
\end{array} & \begin{array}{c}
\text { MarketPrice } \
\text { per Pound }
\end{array} & \begin{array}{c}
\text { Total } \
\text { Revenue } \
(\text { TR) }
\end{array} & \begin{array}{c}
\text { Average } \
\text { Revenue } \
\text { (AR) }
\end{array} & \begin{array}{c}
\text { Marginal } \
\text { Revenue } \
\text { (MIR) }
\end{array} \
\hline 0 & \$ 3 & \$ 0 & \cdots& \cdots  \
\hline 100 & & & & \
\hline 150 & & & & \
\hline 200 & & & & \
\hline 250 & & & & \
\hline 300 & & & & \
\hline 350 & & & & \
\hline 400 & & & & \
\hline
\end{array}$ Table 9-2 lists the various pounds (lbs.) of apples that Margie Stattler can sell. Assume that Margie operates in a perfectly competitive market.
-Refer to Table 9-2.What is Margie's total revenue if she sells 250 pounds of apples?

Quizplus · Accepted Answer

In a perfectly competitive market, the market price per pound remains constant. Therefore, Total Revenue (TR) is calculated by multiplying the quantity sold by the market price per pound. If Margie sells 250 pounds at $3 per pound, her total revenue is 250 * $3 = $750.

Table 9-2 Table 9-2 Lists the Various Pounds (Lbs