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Economics · May / June 2024 · Paper 12 · Question 14

2281Firms’ costs, revenue and objectives

The table shows the daily average revenue and units of output sold for a firm producing bicycles over a five day period. What can be concluded from the table?

  1. AThe firm's highest total revenue occurs at 2 units of output sold.
  2. BThe firm's highest total revenue occurs at 14 units of output sold.
  3. CThe firm's prices are always greater than total revenue.
  4. DThe firm's total revenue always increases as output rises.

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Correct answer: B. The firm's highest total revenue occurs at 14 units of output sold.

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