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Question
Define or Explain :
Average revenue.
Solution
Average revenue
Average revenue refers to revenue received per unit from the sale of given quantity of goods. It is obtained by dividing total revenue by the number of units sold.
For example, if a producer sells 10 units of goods and receives total revenue of 500 then average revenue can be calculated as follows:
AR = TR/TQ = 500/10 = Rs. 50/-
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Group A
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Group B
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Perfect Competition
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- A shop where goods are sold.
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Selling cost -
PASSAGE
In India, markets for automobiles, cement, steel, aluminium, etc, are the examples of oligopolistic market. In all these markets, there are few firms for each particular product. Duopoly is a special case of oligopoly, in which there are exactly two sellers. Under duopoly, it is assumed that the product sold by the two firms is homogeneous and there is no substitute for it. Examples where two companies control a large proportion of a market are: (i) Pepsi and Coca-Cola in the soft drink market; (ii) Airbus and Boeing in the commercial large jet aircraft market.
Operating systems for smart phones and computers provide excellent examples of oligopolies in big tech. Apple iOS and Google Android dominate smart phone operating systems. Computer operating systems are overshadowed by Apple and Microsoft Windows.
- Give examples of oligopolistic market in India (1 mark)
- Explain the concept of duopoly with a suitable example from the passage (1 mark)
- Express your personal opinion based on the above information (2 marks)
In which one of the following types of markets are Average Revenue curve and Market Demand curve the same?
