Cost & Revenue Analysis... Continued

Note that: FC is constant VC is inverted S curve from the origin TC is same as VC but starts at 150 The gap between TC & VC = FC = 150.  Why?

Class Discussion

Revenues are earnings generated from the sale of a product or service and a measurement of Profitability. Supposing in a competitive market, Price P=10 and Quantity Q varies from 1 to 10. 

• What would be the total revenue (TR), the Average Revenue (AR), and Marginal Revenue (MR)? Note that marginal revenue is one additional revenue from one additional unit of a product or service sold.