1.

What is revenue in microeconomics ? State the relation between marginal revenue and average revenue under perfect competition using usitable diagram or schedule OR Dfine supply. Distinguish between ''increase in supply'' and ''extension in supply''

Answer» <html><body><p></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/revenue-1188040" style="font-weight:bold;" target="_blank" title="Click to know more about REVENUE">REVENUE</a> refers to the <a href="https://interviewquestions.tuteehub.com/tag/amount-374803" style="font-weight:bold;" target="_blank" title="Click to know more about AMOUNT">AMOUNT</a> <a href="https://interviewquestions.tuteehub.com/tag/received-1179289" style="font-weight:bold;" target="_blank" title="Click to know more about RECEIVED">RECEIVED</a> by a firm from the sale of a given <a href="https://interviewquestions.tuteehub.com/tag/quantity-1174212" style="font-weight:bold;" target="_blank" title="Click to know more about QUANTITY">QUANTITY</a> of a commodity in the market. <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/SG_MIC_ECO_PW_E01_020_S01.png" width="80%"/> <br/> OR <br/> Supply refers to quantity of a commodity that a firm is willing and able to offer for sale at a given price during a given <a href="https://interviewquestions.tuteehub.com/tag/period-1151023" style="font-weight:bold;" target="_blank" title="Click to know more about PERIOD">PERIOD</a> of time. <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/SG_MIC_ECO_PW_E01_020_S02.png" width="80%"/></body></html>


Discussion

No Comment Found

Related InterviewSolutions