2. Calculating marginal revenue from a linear demand curve The blue curve on the following graph represents the demand curve facing a firm that can set its own prices. 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 Tool (?) Market for Goods 200 180 IQuantity 20 Demanded (Units) 160 Demand Price (Dollars per unit) 140 100.00 9 120 100 80 60 Demand 40 20 8 12 16 20 24 28 32 36 40 QUANTITY (Units) On the graph input tool, change the number found in the Quantity Demanded field to determine the prices that correspond to the production of 0, 8, 16, 20, 24, 32, and 40 units of output. Calculate the total revenue for each of these production levels. Then, on the following graph, use the green points (triangle symbol) to plot the results. 2000 1800 Total Revenue 1600 1400 1200 1000 800 600 400 200 4 8 12 16 20 24 28 32 36 40 QUANTITY (Number of units) TOTAL REVENUE (Dollars) PRICE (Dollars per unit)

2. Calculating marginal revenue from a linear demand curve The blue curve on the following graph represents the demand curve facing a firm that can set its own prices. 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 Tool (?) Market for Goods 200 180 IQuantity 20 Demanded (Units) 160 Demand Price (Dollars per unit) 140 100.00 9 120 100 80 60 Demand 40 20 8 12 16 20 24 28 32 36 40 QUANTITY (Units) On the graph input tool, change the number found in the Quantity Demanded field to determine the prices that correspond to the production of 0, 8, 16, 20, 24, 32, and 40 units of output. Calculate the total revenue for each of these production levels. Then, on the following graph, use the green points (triangle symbol) to plot the results. 2000 1800 Total Revenue 1600 1400 1200 1000 800 600 400 200 4 8 12 16 20 24 28 32 36 40 QUANTITY (Number of units) TOTAL REVENUE (Dollars) PRICE (Dollars per unit)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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