Fill in the price and the total, marginal, and average revenue Vesoro earns when it produces 0, 1, 2, or 3 boxes each day. Quantity Price Total Revenue Marginal Revenue Average Revenue (Boxes) (Dollars per box) (Dollars) (Dollars) (Dollars per box) 0 0 – 1 2 3 The demand curve that Vesoro faces is identical to which of its other curves? Check all that apply. Average revenue curve Marginal revenue curve Marginal cost curve Supply curve

The demand curve that Vesoro faces is identical to 'Average Revenue' curve. As, AR curve represents average price (P) buyers are willing to pay for a quantity of a commodity.

Average Revenue (AR) is total revenue (TR) per unit quantity. AR = TR/ Q. Total Revenue is the total revenue for all quantities, TR = P x Q

So, Average Revenue = (P x Q) / Q = P ie price. This states that average price willingness to pay is same as AR, demand curve is AR curve.

Assuming perfect competition constant price = $5

Q P TR= PxQ AR= TR /Q MR (marginal revenue = TRn -TRn-1)

0 5 0 0 _

1 5 5 5 5

2 5 10 5 5

3 5 15 5 5

swatiupadhyay714 swatiupadhyay714 · Answer 2 · 2021-10-09T13:15:28+02:00

Answer:

Marginal Revenue: It describes the additional total revenue that is generated by the sale of an extra 1 unit of the product.

Average Revenue: It describes the average revenue earned per unit in the goods and services or the product by the manufacturing unit.

Total revenue: It describes the total earnings or income of the firm by selling the produced goods and services.

Explanation:

Calculation of the different revenue curves:

Average Revenue (AR) is total revenue (TR) per unit quantity. AR = TR/ Q. Total Revenue is the total revenue for all quantities, TR = P x Q

So, Average Revenue = (P x Q) / Q = P ie price.

Assuming perfect competition constant price = $10

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