Table 7.1
-Refer to Table 7.1, which shows the relationship between the price that Gladys charges for a product and the quantity of that product that Gladys sells. The marginal revenue that Gladys receives from selling the fourth unit of output is

Question

Quizplus · Accepted Answer

The marginal revenue is the change in total revenue divided by the change in quantity. In this case, the change in total revenue is $6 (from $24 to $30) and the change in quantity is 1 (from 3 to 4). Therefore, the marginal revenue is $6.

Table 7.1 -Refer to Table 7.1, Which Shows the Relationship Between the Between