Unit - 5.pptx
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Under perfect competition, monopoly, monopolistic competition, and oligopoly, firms determine price and output through analyzing total revenue, average revenue, and marginal revenue. Total revenue is calculated as price times quantity, average revenue as total revenue divided by quantity or price times quantity divided by quantity, and marginal revenue as the change in total revenue from a one-unit change in quantity. A revenue schedule shows the relationship between these revenue concepts and quantity at different output levels.
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Unit - 5.pptx
- 2. X
- 3. Measurements of Revenue TR = PxQ AR = TR/Q or AR = (P x Q)/Q MR = ΔTR/ΔQ = TRn – TRn-1
- 4. Revenue schedule Q d TR (000) AR MR (000) 1 10 10 2 18 9 8 3 24 8 6 4 28 7 4 5 30 6 2 6 30 5 0 7 28 4 -2 8 24 3 -4 9 18 2 -6 10 10 1 -8
- 5. TR
- 6. Various forms of Market
- 13. Price and Output Determination under Perfect Competition
- 14. Price and Output Determination under Monopoly
- 15. Price-output determination under Monopolistic Competition: Equilibrium of a firm
- 16. Price-output determination under Oligopoly: Equilibrium of a firm