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The table below shows the total revenue schedule of a firm. Use the information to...

Economics
WAEC 2020

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? 

  • A. $153.00
  • B. $17.00
  • C. $1.70
  • D. $O.80
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Correct Answer: Option C
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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