Given a table with Output (Q), Price (P), Total Cost (TC), and Marginal Cost (MC), calculate Total Revenue (TR) and Marginal Revenue (MR) for each output level.

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Asked on May 30, 2026Economics

This economics question tests your understanding of economic models and analysis. The step-by-step answer below applies the relevant framework and explains the reasoning.

Accepted Answer · 2026-05-30T03:17:11.061Z

Welcome back Idah — been a while! Let's pick up where you left off. To complete the table, we will use the following formulas: Total Revenue (TR) = Price (P) × Output (Q) Marginal Revenue (MR) = TR_n - TR_n-1 (Change in Total Revenue from the previous unit) Marginal Cost (MC) = TC_n - TC_n-1 (Change in Total Cost from the previous unit) Note: There appears to be a typo in the original table for Total Revenue (TR) at Output (Q) = 2. Based on the formula TR = P × Q, the TR for Q=2 should be 15 × 2 = 30, not 36. We will use the corrected value of 30 for our calculations. Step 1: Calculate Total Revenue (TR) for each output level. TR_0 &= 17 × 0 = 0 \\ TR_1 &= 16 × 1 = 16 \\ TR_2 &= 15 × 2 = 30 \\ TR_3 &= 14 × 3 = 42 \\ TR_4 &= 13 × 4 = 52 \\ TR_5 &= 12 × 5 = 60 \\ TR_6 &= 11 × 6 = 66 \\ TR_7 &= 10 × 7 = 70 \\ TR_8 &= 9 × 8 = 72 \\ TR_9 &= 8 × 9 = 72 \\ TR_10 &= 7 × 10 = 70 Step 2: Calculate Marginal Revenue (MR) for each output level using the corrected TR values. MR_1 &= TR_1 - TR_0 = 16 - 0 = 16 \\ MR_2 &= TR_2 - TR_1 = 30 - 16 = 14 \\ MR_3 &= TR_3 - TR_2 = 42 - 30 = 12 \\ MR_4 &= TR_4 - TR_3 = 52 - 42 = 10 \\ MR_5 &= TR_5 - TR_4 = 60 - 52 = 8 \\ MR_6 &= TR_6 - TR_5 = 66 - 60 = 6 \\ MR_7 &= TR_7 - TR_6 = 70 - 66 = 4 \\ MR_8 &= TR_8 - TR_7 = 72 - 70 = 2 \\ MR_9 &= TR_9 - TR_8 = 72 - 72 = 0 \\ MR_10 &= TR_10 - TR_9 = 70 - 72 = -2 Step 3: Calculate Marginal Cost (MC) for each output level. MC_1 &= TC_1 - TC_0 = 18 - 10 = 8 \\ MC_2 &= TC_2 - TC_1 = 23 - 18 = 5 \\ MC_3 &= TC_3 - TC_2 = 25 - 23 = 2 \\ MC_4 &= TC_4 - TC_3 = 27 - 25 = 2 \\ MC_5 &= TC_5 - TC_4 = 28 - 27 = 1 \\ MC_6 &= TC_6 - TC_5 = 32 - 28 = 4 \\ MC_7 &= TC_7 - TC_6 = 40 - 32 = 8 \\ MC_8 &= TC_8 - TC_7 = 50 - 40 = 10 \\ MC_9 &= TC_9 - TC_8 = 64 - 50 = 14 \\ MC_10 &= TC_10 - TC_9 = 80 - 64 = 16 Step 4: Present the completed table. The completed table is shown below: |c|c|c|c|c|c| Output (Q) & Price (P) & Total Revenue (TR) & Marginal Revenue (MR) & Total Cost (TC) & Marginal Cost (MC) \\ 0 & 17 & 0 & - & 10 & - \\ 1 & 16 & 16 & 16 & 18 & 8 \\ 2 & 15 & 30 & 14 & 23 & 5 \\

Accepted Answer · 2026-05-30T03:17:11.061Z

Welcome back Idah — been a while! Let's pick up where you left off. To complete the table, we will use the following formulas: Total Revenue (TR) = Price (P) × Output (Q) Marginal Revenue (MR) = TR_n - TR_n-1 (Change in Total Revenue from the previous unit) Marginal Cost (MC) = TC_n - TC_n-1 (Change in Total Cost from the previous unit) Note: There appears to be a typo in the original table for Total Revenue (TR) at Output (Q) = 2. Based on the formula TR = P × Q, the TR for Q=2 should be 15 × 2 = 30, not 36. We will use the corrected value of 30 for our calculations. Step 1: Calculate Total Revenue (TR) for each output level. TR_0 &= 17 × 0 = 0 \\ TR_1 &= 16 × 1 = 16 \\ TR_2 &= 15 × 2 = 30 \\ TR_3 &= 14 × 3 = 42 \\ TR_4 &= 13 × 4 = 52 \\ TR_5 &= 12 × 5 = 60 \\ TR_6 &= 11 × 6 = 66 \\ TR_7 &= 10 × 7 = 70 \\ TR_8 &= 9 × 8 = 72 \\ TR_9 &= 8 × 9 = 72 \\ TR_10 &= 7 × 10 = 70 Step 2: Calculate Marginal Revenue (MR) for each output level using the corrected TR values. MR_1 &= TR_1 - TR_0 = 16 - 0 = 16 \\ MR_2 &= TR_2 - TR_1 = 30 - 16 = 14 \\ MR_3 &= TR_3 - TR_2 = 42 - 30 = 12 \\ MR_4 &= TR_4 - TR_3 = 52 - 42 = 10 \\ MR_5 &= TR_5 - TR_4 = 60 - 52 = 8 \\ MR_6 &= TR_6 - TR_5 = 66 - 60 = 6 \\ MR_7 &= TR_7 - TR_6 = 70 - 66 = 4 \\ MR_8 &= TR_8 - TR_7 = 72 - 70 = 2 \\ MR_9 &= TR_9 - TR_8 = 72 - 72 = 0 \\ MR_10 &= TR_10 - TR_9 = 70 - 72 = -2 Step 3: Calculate Marginal Cost (MC) for each output level. MC_1 &= TC_1 - TC_0 = 18 - 10 = 8 \\ MC_2 &= TC_2 - TC_1 = 23 - 18 = 5 \\ MC_3 &= TC_3 - TC_2 = 25 - 23 = 2 \\ MC_4 &= TC_4 - TC_3 = 27 - 25 = 2 \\ MC_5 &= TC_5 - TC_4 = 28 - 27 = 1 \\ MC_6 &= TC_6 - TC_5 = 32 - 28 = 4 \\ MC_7 &= TC_7 - TC_6 = 40 - 32 = 8 \\ MC_8 &= TC_8 - TC_7 = 50 - 40 = 10 \\ MC_9 &= TC_9 - TC_8 = 64 - 50 = 14 \\ MC_10 &= TC_10 - TC_9 = 80 - 64 = 16 Step 4: Present the completed table. The completed table is shown below: |c|c|c|c|c|c| Output (Q) & Price (P) & Total Revenue (TR) & Marginal Revenue (MR) & Total Cost (TC) & Marginal Cost (MC) \\ 0 & 17 & 0 & - & 10 & - \\ 1 & 16 & 16 & 16 & 18 & 8 \\ 2 & 15 & 30 & 14 & 23 & 5 \\

Given a table with Output (Q), Price (P), Total Cost (TC), and Marginal Cost (MC), calculate Total Revenue (TR) and Marginal Revenue (MR) for each output level.

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Given a table with Output (Q), Price (P), Total Cost (TC), and Marginal Cost (MC), calculate Total Revenue (TR) and Marginal Revenue (MR) for each output level.

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