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Q.

A jeweller sells 3 diamond rings at Rs.12,000 per ring. If he sells 4 rings, his marginal revenue of the 4th ring will be Rs.10,500. At what price will he sell four rings?

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a

   11,000

b

   11,625

c

   12,000

d

   12,250 

answer is B.

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Detailed Solution

Total cost of 3 rings Rs 12,000 x3
= Rs 36,000
It is also given in this questions that marginal revenue 4th ring is Rs. 10,500
Hence , total revenue for 4 rings
Sold is sum of all = Rs 36,000 + Rs 10,500
= Rs. 46,500.
𝑡𝑜𝑙𝑑 𝑟𝑒𝑣𝑒𝑛𝑢𝑒
Average , price =
𝑛𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝑟𝑖𝑛𝑔𝑠

= 46500 = Rs 11,625.
4
 
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