Table 14-5
The table represents a demand curve faced by a firm in a competitive market.
-Refer to Table 14-5. For this firm, the average revenue when 14 units are produced and sold is
A)$9.
B)$11.
C)$13.
D)$15.

Question

Table 14-5
The table represents a demand curve faced by a firm in a competitive market. 
-Refer to Table 14-5. For this firm, the average revenue when 14 units are produced and sold is
A)$9. 
B)$11. 
C)$13. 
D)$15.

Quizplus · Accepted Answer

The average revenue is calculated by dividing the total revenue by the number of units sold. When 14 units are produced and sold, the total revenue is $154 (14 x $11). Therefore, the average revenue is $11 ($154 / 14).

Table 14-5 The Table Represents a Demand Curve Faced by a Firm