Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph.Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly.Graph Input ToolMarket for Goods10090I QuantityDemanded2580(Units)Demand Price(Dollars per unit)7050.0060504030Demand2010101520253035404550QUANTITY (Units)PRICE (Dollars per unit) 10080Marginal Revenue6040-201015202535404550QUANTITY (Units)Comparing your total revenue graph to your marginal revenue graph, you can see that when total revenue is increasing, marginal revenue is30LO20MARGINAL REVENUE (Dollars)

Meaning of Marginal Revenue: The term marginal revenue refers to that additional or extra amount of profit or revenue being generated by the firm towards an extra unit being sold out.Situation: Comparing your total revenue graph to your marginal revenue graph, you can see that when total revenue is increasing, marginal revenue is: Now, firstly deriving the total revenue through tabular data, as shown below: Now, plotting the above observation on a graph, thus; Diagrammatic Representation: Now, deriving the MR for the 10th and 20th unit: MR For 10th Unit = 800 - 9 × 82MR For 10th Unit = 800 - 738MR For 10th Unit = 62 And: MR For 20th Unit = 1,200 - 19 × 62MR For 20th Unit = 1,200 - 1,178MR For 20th Unit = 22Diagrammatic Representation: Now, the second is as follows: Therefore: Answer: When total revenue is INCREASING, marginal revenue is POSITIVE.

Business

Economics

100 80 Marginal Revenue 60 40 -20 10 15 20 25 30 35 40 45 50 QUANTITY (Units) Comparing your total revenue graph to your marginal revenue graph, you can see that when total revenue is increasing, marginal revenue is MARGINAL REVENUE (Dollars)

100 80 Marginal Revenue 60 40 -20 10 15 20 25 30 35 40 45 50 QUANTITY (Units) Comparing your total revenue graph to your marginal revenue graph, you can see that when total revenue is increasing, marginal revenue is MARGINAL REVENUE (Dollars)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

100
80
Marginal Revenue
60
40
-20
10
15
20
25
35
40
45
50
QUANTITY (Units)
Comparing your total revenue graph to your marginal revenue graph, you can see that when total revenue is increasing, marginal revenue is
30
LO
20
MARGINAL REVENUE (Dollars)

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