**Exercise: Microeconomics Table and Graphing**(a) **Task: Complete the table below.****Instructions:** Round your answers to the nearest whole number.| Output | Price | Total Revenue | Marginal Revenue | Total Cost | ATC | MC ||--------|-------|---------------|------------------|------------|-----|-----|| 1 | $19 | | | $25 | | || 2 | 18 | | | 40 | | || 3 | 17 | | | 50 | | || 4 | 16 | | | 58 | | || 5 | 15 | | | 65 | | || 6 | 14 | | | 74 | | || 7 | 13 | | | 87 | | |(b) **Task: Draw a graph of the firm’s demand, marginal revenue, marginal cost, and average total cost curves.****Instructions:** Use the graphing tools provided to plot the demand (D), marginal revenue (MR), marginal cost (MC), and average total cost (ATC) curves. Plot 7 points each for D, MR, and ATC. Plot 6 points for MC.**Graph Explanation:**- **Demand Curve (D):** Illustrates the relationship between the price of the product and the quantity demanded. Typically slopes downward.- **Marginal Revenue Curve (MR):** Represents the additional revenue generated from selling one more unit of the product. In many cases, this may coincide with or lie below the demand curve.- **Marginal Cost Curve (MC):** Shows the cost of producing one additional unit of the product. This curve usually slopes upward.- **Average Total Cost Curve (ATC):** Portrays the average cost per unit at different levels of output. Often U-shaped, reflecting economies and diseconomies of scale.**Note:** Use the data in the table to calculate and fill in missing values before plotting each curve accurately on the graph. ### Graph Explanation for Educational Use#### Graph OverviewThis is a blank economic graph template with labeled axes ready for plotting curves typically used in microeconomics.#### Axes- **Horizontal Axis (X-Axis):** Labeled "Quantity," ranging from 0 to 8.- **Vertical Axis (Y-Axis):** Labeled "Price ($)," ranging from 0 to 26.#### Tools for Plotting CurvesOn the right side of the graph, there is a "Tools" section that allows the user to plot different economic curves:1. **D (Demand Curve):** Represented by a slanted line.2. **MR (Marginal Revenue Curve):** Represented by a green line.3. **MC (Marginal Cost Curve):** Represented by a blue line.4. **ATC (Average Total Cost Curve):** Represented by a red line.Each button corresponds to a different curve, which can be added to the graph to analyze relationships between price, quantity, and costs in various market structures.#### Additional FeaturesBelow the tools, there are buttons for refreshing and navigating through potential iterations of the graph. These can be used to reset or modify the curves plotted.This graph can be utilized to study concepts such as pricing, market equilibrium, and output levels within economic models.

Since you have asked multiple questions and according to our policy we will only solve the 1st question. output price TR MR TC ATC MC 1 19 19 25 25 2 18 36 17 40 20 15 3 17 51 15 50 16.666 10 4 16 64 13 58 14.5 8 5 15 75 11 65 13 7 6 14 84 9 74 12.333 9 7 13 91 7 87 12.4285 13

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(a) Fill in the table below. Instructions: Round your answers to the nearest whole number. Total Marginal Revenue Total Output Price ATC MC Revenue $4 Cost 1 $19 $25 18 40 17 50 4 16 58 15 65 14 74 7 13 87

(a) Fill in the table below. Instructions: Round your answers to the nearest whole number. Total Marginal Revenue Total Output Price ATC MC Revenue $4 Cost 1 $19 $25 18 40 17 50 4 16 58 15 65 14 74 7 13 87

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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(a) The table below shows the revenue and costs of a firm. Quantity Price (RM) Total Revenue (RM) Marginal Revenue Total Cost (RM) Marginal Cost 100 250 5 000 200 230 20 000 300 210 37 000 400 180 57 000 500 160 79 000 600 140 104 000 i. Complete the table. ii. Determine the profit maximizing price and output for the firm. ii. Calculate profits at equilibrium output.
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K Wilbur's is the only septic service in a remote village. The firm's total fixed cost is $50 a day and its marginal cost is zero. The table gives the demand schedule for service calls. Price (dollars per service call). Quantity (service calls per day) 500 0 400 1 300 2 200 3 100 4 5 0 Draw the firm's demand curve. Label it D Draw the firm's marginal revenue curve Label it MR. Draw the firm's marginal cost curve. Label it MC Draw a point at the profit-maximizing price and output.