20.

Output

Total Revenue

Total Cost

0

$0

$50

1

40

74

2

80

94

3

120

117

4

160

142

5

200

172

The table gives data for a purely competitive firm. The marginal revenue from the third unit of output is

A. $40.
B. $50.
C. $120.
D. $160.

The table gives data for a purely competitive firm. The marginal revenue from the third unit of output is

Question

20.

Output

Total Revenue

Total Cost

0

$0

$50

1

40

74

2

80

94

3

120

117

4

160

142

5

200

172

The table gives data for a purely competitive firm. The marginal revenue from the third unit of output is

A.  $40.
B.  $50.
C.  $120.
D.  $160.

The table gives data for a purely competitive firm. The marginal revenue from the third unit of output is

BlackTom AI · Accepted Answer

Marginal revenue (MR) equals the change in total revenue divided by the change in quantity: MR = ΔTR / ΔQ. In a purely competitive firm MR is also equal to the market price and is constant for each additional unit sold.

1. Relevant knowledge points and concepts
- Total revenue (TR) is price times quantity sold.
- Marginal revenue is the additional revenue from selling one more unit: MR = TR(Q) − TR(Q − 1).
- For a purely competitive firm, price = average revenue = marginal revenue, so MR is constant across units if price is constant.

2. Complete reasoning process step by step
- Use the TR values from the table for Q = 2 and Q = 3.
- Compute the change in TR when output increases from 2 to 3.

3. Calculations with intermediate steps
- TR at Q = 2 is $80.
- TR at Q = 3 is $120.
- ΔTR = TR(3) − TR(2) = $120 − $80 = $40.
- ΔQ = 3 − 2 = 1.
- MR for the third unit = ΔTR / ΔQ = $40 / 1 = $40.

4. Why the correct answer is correct
- The computed MR ($40) is the extra revenue received when the firm increases output from 2 to 3 units. This matches the definition of marginal revenue and the numbers in the table. The constant increments of TR ($40 each) also show the firm faces a constant price of $40 per unit, consistent with perfect competition.

5. Why the other options are incorrect
- B ($50): No TR change of $50 occurs between any consecutive outputs in the table.
- C ($120): This is total revenue at Q = 3, not the marginal (incremental) revenue.
- D ($160): This is total revenue at Q = 4, not the marginal revenue for the third unit.

6. Conclusion
The marginal revenue from the third unit is $40, which corresponds to option A. This matches the provided answer (A).

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