Practice - Revenue
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Practice Questions
Test your understanding with targeted questions
Define total revenue.
💡 Hint: Think about how revenue is affected by price and quantity.
What is the relationship between Average Revenue and Price in perfect competition?
💡 Hint: Consider the equality of price and revenue per unit.
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Interactive Quizzes
Quick quizzes to reinforce your learning
What is the formula for Total Revenue?
💡 Hint: Recall the multiplication of price and quantity.
In perfect competition, Average Revenue equals what?
💡 Hint: Think about price structure in competitive markets.
1 more question available
Challenge Problems
Push your limits with advanced challenges
A firm operates in a perfectly competitive market selling pencils at Rs 5 each. If it sells 100 pencils, calculate total revenue, average revenue, and marginal revenue when it decides to sell one more pencil.
💡 Hint: Use the revenue formulas you’ve learned.
Discuss why a perfectly competitive firm cannot sustain a price above the market price for long. What would happen to revenue?
💡 Hint: Consider market dynamics and the role of competition.
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