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CBSE Questions for Class 11 Commerce Economics Non-Competitive Markets Quiz 11 - MCQExams.com
CBSE
Class 11 Commerce Economics
Non-Competitive Markets
Quiz 11
Answer the following questions
Units
$$0$$
$$1$$
$$2$$
$$3$$
$$4$$
$$5$$
$$6$$
Total Revenue
$$100$$
$$180$$
$$250$$
$$310$$
$$360$$
$$400$$
$$430$$
Find the marginal revenue at $$5^{th}$$ unit is
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0%
$$60$$
0%
$$55$$
0%
$$45$$
0%
$$40$$
Explanation
Marginal Revenue $$ \Rightarrow MR_{n} = TR_{n} - TR_{n - 1} $$
$$ \Rightarrow MR_{5} = TR_{5} - TR_{4} $$ [Marginal revenue for $$5^{th}$$ Unit]
$$\Rightarrow MR_{5} = 400 - 360 $$
$$ = 40 $$
$$\therefore $$ Marginal revenue at $$5^{th}$$ Unit is $$40$$.
Qty
AFC
ATC
MC
0
-
-
-
1
80.00
100.00
20
2
40.00
58.00
17
3
26.66
44.00
15
4
20.00
36.25
13
5
16.00
31.40
12
6
13.33
28.33
13
7
11.42
26.29
14
8
10.00
26.13
25
9
8.88
26.56
30
10
8.00
27.56
34
11
7.27
28.30
40
12
6.66
30.00
47
13
6.15
31.92
55
If price is Rs. 26, perfectly competitive firm will:
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0%
Shut down in the short run.
0%
Produce 8 units at a total economic loss of Rs. 9.
0%
Produce 9 units at a total economic loss of Rs. 5.
0%
Produce 8 units at a total economic loss of Rs. 1.04.
Explanation
At the level of production of 8 units, MC is 25 whereas MR is 26, and a perfectly competitive firm can produce at a level of output where MC = MR$$. MC$$ can be less than MR, but not more than MR.
$$TR = 8 \times 26 = 208$$
$$TC = 8 \times 26.13 = 209.04$$
Profit/Loss = TR - TC $$= 208 - 209.04$$
Loss $$= Rs. 1.04$$
When a firm produces $$7$$ units of production and the TR is $$Rs. 42$$ after raising the production to $$8$$ units TR reached $$Rs. 46$$. Marginal revenue will be
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0%
$$Rs. 6 $$
0%
$$Rs. 4 $$
0%
$$Rs. 5$$
0%
$$Rs. 8$$
Explanation
$$7$$ Units $$ \rightarrow $$ T.R $$ = \text{Rs.}\ 42$$
$$8$$ Units $$ \rightarrow $$ T.R. $$ = \text{Rs.}\ 46$$
Marginal Revenue $$ = \dfrac{\text{Change in total revenue}}{\text{Change in Quantity}} $$
Marginal Revenue $$ = \dfrac{46 - 42}{8 - 7} $$
$$ = \dfrac{4}{1} \Rightarrow 4 $$
If a seller obtains $$Rs. 6,000$$ after selling $$50$$ units and $$Rs. 6,204$$ after selling $$53$$ units, then marginal revenue will be
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0%
$$Rs. 204$$
0%
$$68$$
0%
$$120$$
0%
$$118$$
Explanation
$$50$$ Units $$ \rightarrow $$ Total Revenue $$ = \text{Rs.}\ 6,000$$
$$53$$ Units $$ \rightarrow $$ Total Revenue $$ = \text{Rs.}\ 6,204 $$
Marginal Revenue $$ = \dfrac{\text{Change in total revenue}}{\text{Change in quantity}} $$
$$\Rightarrow $$ Marginal Revenue $$ = \dfrac{6000 - 6204}{53 - 50} $$
$$ = \dfrac{204}{3} \Rightarrow 68 $$
_______ is the best example of oligopoly
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0%
SAARC
0%
WTO
0%
GATT
0%
OPEC
Explanation
OPEC
is the best example of oligopoly.
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