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Suppose, a book seller can sell 10 books...

Suppose, a book seller can sell 10 books at the price of ₹ 200 per book. His marginal revenue (MR) from the `11^(th)` book is ₹ 255. At what price did he sell the `11^(th)` book ?

Text Solution

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The correct Answer is:
Price of `11^(th)` book = ₹ 205
TR of 10 books = `200xx10` = ₹ 2,000 and MR of `11^(th)` book = ₹ 255
TR of 11 books = ₹ 2,000 + ₹ 255 = ₹ 2,255
Price (AR) of `11^(th)` book = TR of 11 books `div` 11 = 2,255 `div` 11 = ₹ 205
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