WorksheetsAB13220 Lecture6/7
Total questions: 10
Worksheet time: 10mins
Name
Class
Date
1.
What is the formula for Total Revenue?
a)
P x Q
b)
P / Q
c)
P + Q
d)
P - Q
2.
What? = Total Revenue divided by Output
(a)
3.
(a) is the (b) from selling another unit of output.
Choose from the below words
Marginal Revenue
extra revenue
Marginal Cost
Marginal Benefit
Total Revenue
Revenue
extra cost
Total Cost
Total Benefit
4.
The formula for Marginal Revenue is....?
a)
ΔTR/Q
b)
ΔTR x ΔQ
c)
ΔTR/ΔQ
d)
ΔQ/ΔTR
5.
The competitive firm (a) profits at the quantity of output where (b) equals (c)
Choose from the below words
maximises
price
marginal cost
minimises
revenue
marginal revenue
6.
Draw the graph
7.
Profits are maximised where?
a)
MR = P
b)
P = ATC
c)
MR = MC
d)
MC = AVC
8.
Which of these is NOT true?
a)
A sunk cost cannot be recovered.
b)
A sunk cost is the opposite of an opportunity cost.
c)
Fixed costs are fixed to opportunity costs.
d)
Fixed costs are sunk in the short-run.
9.
In the long run all costs are?
a)
Fixed
b)
Totalled
c)
Opportunity
d)
Variable
10.
Firms are always trying to do what?
a)
Make stuff?
b)
Maximise Profit?
c)
Maximise Utility?
d)
Eat Cheese?
100 %
