Economics Homework Help

A. Compute total revenue for each level of output. Fill in the table.

B. Compute average and

marginal revenue for each level of output. Fill in the table. (Remember to compute marginal revenue between successive level of output.)

C. Explain why for a perfectly competitive firm, AR = MR= p.

D. Plot the TR,MR, AND AR curves on a scale diagram. What is the slope of the TR curve?

Consider the following table showing the various rev -ence concepts for Dairy Treat Inc ., a perfectly competi-tive firm that sells milk by the litre . Suppose the firmfaces a constant market price of $2 per litre .TotalAverageMarginalPriceRevenueRevenueRevenue( P )Quantity( IR )( AR )( MR )$2150217522002225250a . Compute total revenue for each level of output . Fillin the table .b. Compute average and marginal revenue for eachlevel of output . Fill in the table . ( Remember tocompute marginal revenue between successive lev-els of output . )C . Explain why for a perfectly competitive firm , AR -MR = P .d . Plot the IR , MR, and AR curves on a scale dia -gram . What is the slope of the IR curve ?”