Given the following total-revenue function:
TR = 9Q - Q²
(a) Derive the total-revenue, average-revenue, and marginal-revenue schedules
from Q = 0 to Q = 6 by 1s
(b) On the same set of axes, plot the total-revenue, the average-revenue, and the
marginal-revenue schedules of part (a)
(c) With reference to your figure in part (b), explain the relationship among the total, average, and marginal revenue curves.
Excel file contains :
1. Average and marginal revenue curves formulas, schedules
2. Curves in the form of graph
3. Explanations for observed relationships between curves.