WAEC - Economics (2020 - No. 22)
The table below shows the total revenue schedule of a firm. Use the information to answer the question that follows
| Output (units) | 50 | 60 | 70 | 80 | 90 |
| Total revenue (TR) $ | 85 | 102 | 119 | 136 | 153 |
What is the firm's marginal revenue?
$153.00
$17.00
$1.70
$O.80
Explanation
Marginal revenue = the change in total revenue divided by the change in total output quantity.
MR = \(\frac{17}{10}\) = $1.7
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