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Quantity Price Total Revenue Average revenue Marginal revenue Q = (P - 8) / (-0.04) P TR = P x Q AR = TR /
Quantity | Price | Total Revenue | Average revenue | Marginal revenue |
Q = (P - 8) / (-0.04) | P | TR = P x Q | AR = TR / Q | MR = TR / Q |
150 million | $2 | $300 million | $2 million | $2 million |
100 million | $4 | $400 million | $4 million | - $2 million |
50 million | $6 | $300 million | $6 million | $2 million |
0 | $8 | 0 |
Based on this table above, show the average revenue and marginal revenue curve in a graph, and why does the Mr curve lie below the Ar curve
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