Authors libby rittenberg 476
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Equation 9.1
TR=P×Q
The relationship between market price and the firm’s total revenue curve
is a crucial one. Panel (a) of Figure 9.4 "Total Revenue, Marginal Revenue,
and Average Revenue" shows total revenue curves for a radish grower at
three possible market prices: $0.20, $0.40, and $0.60 per pound. Each total
revenue curve is a linear, upward-sloping curve. At any price, the greater
the quantity a perfectly competitive firm sells, the greater its total revenue.
Notice that the greater the price, the steeper the total revenue curve is.
Figure 9.4 Total Revenue, Marginal Revenue, and Average Revenue
Panel (a) shows different total revenue curves for three possible
market prices in perfect competition. A total revenue curve is a straight
line coming out of the origin. The slope of a total revenue curve
is MR; it equals the market price (P) and AR in perfect competition.
Marginal revenue and average revenue are thus a single horizontal
Attributed to Libby Rittenberg and Timothy Tregarthen
Saylor URL: />
Saylor.org
476
