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Published on: 29/08/2019
Revenue
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Questions + Answers key
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1.
Define marginal revenue.
2.
Define average revenue.
3.
Define total revenue.
4.
Give the meaning of revenue.
5.
How are the total revenue of a firm, market price, and the quantity sold by the firm related to each other?
6.
AR can be symbolically written as:
MR/Q
Price x quantity
TR/Q
None of these.
7.
Average revenue is the revenue earned_____________.
per unit of input
per unit of output
different units of input
different units of output
8.
Total revenue =
Price x quantity
Price x income
Income x quantity
None of these.
9.
Assume that when price is Rs 20, the quantity demanded is 15 units and when price is ns, the quantity demanded is 16 units. Based on this information what is the marginal revenue resulting from an increase in output from 15 units to 16 units?
Rs 18
Rs 16
Rs 12
Rs 28
10.
Assume that when price is Rs 20, the quantity demanded is 9 units, and when price is Rs19 the quantity demanded is 10 units. Based on this information what is the marginal revenue resulting from an increase in output from 9 units to 10 units.
Rs 20
Rs 19
Rs 10
Rs 1
11.
When total revenue is constant, average revenue will also be constant.
12.
When marginal revenue is positive and constant, both average and total revenue will increase at constant rate.
13.
When total revenue is maximum and constant, marginal revenue is also maximum.
14.
Marginal revenue is always the price at which the last unit of a commodity is sold.
15.
When marginal revenue is zero, average revenue will be constant.
1.
( )
The amount received from the sale of additional unit of output is known as Marginal Revenue.
2.
( )
The per unit amount received from the sale of given amount of output.
3.
( )
The amount received from the sale of given amount of output is known as Total Revenue.
For example, if a firm sells 100 chairs at a price of Rs 200 per chair, the total revenue will be 100 Chairs x Rs 200 =Rs 20,000.
4.
( )
Revenue of a firm refers to receipts from the sale of output in a given period.
5.
( )
Total Revenue = Market Price x Quantity sold
6.
(c)
TR/Q
7.
(b)
per unit of output
8.
(a)
Price x quantity
9.
(c)
Rs 12
10.
(c)
Rs 10
11.
(b)
12.
(b)
13.
(b)
14.
(b)
15.
(b)
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