Questions: Suppose a monopolistically competitive firm sells a particular brand of jeans. The quantities of jeans sold per day at various prices are shown in the table below. Fill in total revenue and marginal revenue in the table below. (Enter your responses as integers.) Output Price Total Revenue Marginal Revenue ------------ 0 110.00 1 105.00 2 100.00 3 95.00 4 90.00 5 85.00

To fill in the total revenue and marginal revenue in the table, we need to follow these steps:

1. Calculate the Total Revenue (TR) for each quantity level. Total Revenue is calculated as Price (P) multiplied by Quantity (Q).
2. Calculate the Marginal Revenue (MR) for each quantity level. Marginal Revenue is the change in Total Revenue when one more unit is sold.

Let's start with the calculations:

\[ \begin{array}{cccc} \hline \text{Output} & \text{Price} & \text{Total Revenue} & \text{Marginal Revenue} \\ \hline 0 & \$110.00 & \$0 & - \\ 1 & \$105.00 & \$105 & \$105 \\ 2 & \$100.00 & \$200 & \$95 \\ 3 & \$95.00 & \$285 & \$85 \\ 4 & \$90.00 & \$360 & \$75 \\ 5 & \$85.00 & \$425 & \$65 \\ \hline \end{array} \]

Explanation:

• For Output = 0, Total Revenue = 0 because no jeans are sold.
• For Output = 1, Total Revenue = 1 * \$105 = \$105. Marginal Revenue = \$105 - \$0 = \$105.
• For Output = 2, Total Revenue = 2 * \$100 = \$200. Marginal Revenue = \$200 - \$105 = \$95.
• For Output = 3, Total Revenue = 3 * \$95 = \$285. Marginal Revenue = \$285 - \$200 = \$85.
• For Output = 4, Total Revenue = 4 * \$90 = \$360. Marginal Revenue = \$360 - \$285 = \$75.
• For Output = 5, Total Revenue = 5 * \$85 = \$425. Marginal Revenue = \$425 - \$360 = \$65.

So, the completed table is:

\[ \begin{array}{cccc} \hline \text{Output} & \text{Price} & \text{Total Revenue} & \text{Marginal Revenue} \\ \hline 0 & \$110.00 & \$0 & - \\ 1 & \$105.00 & \$105 & \$105 \\ 2 & \$100.00 & \$200 & \$95 \\ 3 & \$95.00 & \$285 & \$85 \\ 4 & \$90.00 & \$360 & \$75 \\ 5 & \$85.00 & \$425 & \$65 \\ \hline \end{array} \]