a. On the demand curve graph, place the end points of the demand curve such that at a quantity of 2 the price is $8 per unit and at a quantity of 16, the price of $1 per unit b. Use the information from the demand curve to plot a total revenue curve for a firm facing the plotted demand curve Demand Curve Total Revenue Curve 12 60 56 11 Demand 52 10 TR 48 9 44 8 40 36 7 32 6 28 24 4 20 16 12 2 8 1 4 0 0 0 1 2 3 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 4 5 6 7 8 10 11 12 13 14 15 16 Quantity Quantity Total Revenue ($) co LO (s) э Price
a. On the demand curve graph, place the end points of the demand curve such that at a quantity of 2 the price is $8 per unit and at a quantity of 16, the price of $1 per unit b. Use the information from the demand curve to plot a total revenue curve for a firm facing the plotted demand curve Demand Curve Total Revenue Curve 12 60 56 11 Demand 52 10 TR 48 9 44 8 40 36 7 32 6 28 24 4 20 16 12 2 8 1 4 0 0 0 1 2 3 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 4 5 6 7 8 10 11 12 13 14 15 16 Quantity Quantity Total Revenue ($) co LO (s) э Price
Chapter6: Elasticities
Section: Chapter Questions
Problem 13P: A movie production company faces a linear demand curve for its film, and it seeks to maximize total...
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Question
![a. On the demand curve graph, place the end points of the demand curve such that at a quantity of 2 the price is $8 per unit
and at a quantity of 16, the price of $1 per unit
b. Use the information from the demand curve to plot a total revenue curve for a firm facing the plotted demand curve
Demand Curve
Total Revenue Curve
12
60
56
11
Demand
52
10
TR
48
9
44
8
40
36
7
32
6
28
24
4
20
16
12
2
8
1
4
0
0
0 1 2 3
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16
4 5 6 7 8
10 11 12 13 14 15 16
Quantity
Quantity
Total Revenue ($)
co
LO
(s)
э
Price](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F744554ad-371e-4a9f-b6c3-d3b19e0094ce%2F1953903b-732e-4bc2-9ccf-089996f8cbd2%2Fqneeqqc.png&w=3840&q=75)
Transcribed Image Text:a. On the demand curve graph, place the end points of the demand curve such that at a quantity of 2 the price is $8 per unit
and at a quantity of 16, the price of $1 per unit
b. Use the information from the demand curve to plot a total revenue curve for a firm facing the plotted demand curve
Demand Curve
Total Revenue Curve
12
60
56
11
Demand
52
10
TR
48
9
44
8
40
36
7
32
6
28
24
4
20
16
12
2
8
1
4
0
0
0 1 2 3
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16
4 5 6 7 8
10 11 12 13 14 15 16
Quantity
Quantity
Total Revenue ($)
co
LO
(s)
э
Price
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