a. Use the following demand schedule to calculate total revenue and marginal revenue at each quantity. Instructions: Enter your answers rounded to two decimal places. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Quantity Demanded (Q) Price (P) Total Revenue Marginal Revenue $7.00 6.50 1 6.00 2 5.50 3 5.00 4 4.50 4.00 6 3.50 7 3.00 8 2.50 9 b. Plot the demand, TR, and MR curves. Instructions: Use the tool provided 'MR' to draw the marginal-revenue curve (plot 9 points total). Then use the tools provided 'TR' and 'D' to plot the total-revenue curve (TR) and the demand curve (D) (plot 10 points total for each curve). To earn full credit for this graph, you must plot all required points for each curve.. 26 Tools 24 22 20 TR D 18 16 14 MR 12 10 2 -2 E 1 3 6. 7 8 10 Quantity TR, price ($) ulululul .

a. Use the following demand schedule to calculate total revenue and marginal revenue at each quantity. Instructions: Enter your answers rounded to two decimal places. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Quantity Demanded (Q) Price (P) Total Revenue Marginal Revenue $7.00 6.50 1 6.00 2 5.50 3 5.00 4 4.50 4.00 6 3.50 7 3.00 8 2.50 9 b. Plot the demand, TR, and MR curves. Instructions: Use the tool provided 'MR' to draw the marginal-revenue curve (plot 9 points total). Then use the tools provided 'TR' and 'D' to plot the total-revenue curve (TR) and the demand curve (D) (plot 10 points total for each curve). To earn full credit for this graph, you must plot all required points for each curve.. 26 Tools 24 22 20 TR D 18 16 14 MR 12 10 2 -2 E 1 3 6. 7 8 10 Quantity TR, price ($) ulululul .

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

both attachments are one question

Instructions: Enter your answers rounded to two decimal places. For each segment, be sure to enter the highest price first.
c. Use Chapter 6's total-revenue test for price elasticity to designate the elastic and inelastic segments of your graphed demand curve.
Demand is elastic from a price of $
Demand is inelastic from a price of $
to a price of $
to a price of $
d. In general, when marginal revenue is positive, demand is (Click to select)
When marginal revenue is negative, demand is (Click to select) V
e. Suppose the marginal cost of successive units of output is zero. What output would the profit-seeking firm produce? (Assume the
firm can only produce whole units.)

a. Use the following demand schedule to calculate total revenue and marginal revenue at each quantity.
Instructions: Enter your answers rounded to two decimal places. If you are entering any negative numbers be sure to include a
negative sign (-) in front of those numbers.
Quantity
Demanded (Q)
Price (P)
Total Revenue
Marginal Revenue
$7.00
6.50
1
6.00
2
5.50
5.00
4.50
4.00
6
3.50
7
3.00
8
2.50
9
b. Plot the demand, TR, and MR curves.
Instructions: Use the tool provided 'MR' to draw the marginal-revenue curve (plot 9 points total). Then use the tools provided 'TR' and
'D' to plot the total-revenue curve (TR) and the demand curve (D) (plot 10 points total for each curve). To earn full credit for this graph,
you must plot all required points for each curve..
26
Tools
24
22
20
TR
D
18
16
14
MR
12
10
8
4
2
-2
0 1
2
3 4
5 6 7 8
9
10
Quantity
TR, price ($)

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