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Calculate the total revenue if the firm produces 4 versus 3 units. Then, calculate the marginal revenue of the fourth unit produced. The marginal revenue of the fourth unit produced is________.   Calculate the total revenue if the firm produces 8 versus 7 units. Then, calculate the marginal revenue of the eighth unit produced. The marginal revenue of the eighth unit produced is________.

Calculate the total revenue if the firm produces 4 versus 3 units. Then, calculate the marginal revenue of the fourth unit produced. The marginal revenue of the fourth unit produced is________.   Calculate the total revenue if the firm produces 8 versus 7 units. Then, calculate the marginal revenue of the eighth unit produced. The marginal revenue of the eighth unit produced is________.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Calculate the total revenue if the firm produces 4 versus 3 units. Then, calculate the marginal revenue of the fourth unit produced.
The marginal revenue of the fourth unit produced is________.
 
Calculate the total revenue if the firm produces 8 versus 7 units. Then, calculate the marginal revenue of the eighth unit produced.
The marginal revenue of the eighth unit produced is________.
### Graph Input Tool: Market for Goods **Graph Description:** The graph illustrates the demand curve in a market for goods. - **X-Axis (Horizontal):** Represents the quantity of goods demanded, measured in units, ranging from 0 to 20. - **Y-Axis (Vertical):** Represents the price of goods, in dollars per unit, ranging from 0 to 200. **Line Details:** - **Demand Curve (Blue Line):** Slopes downward from the top left to the bottom right, indicating the inverse relationship between price and quantity demanded. As price decreases, the quantity demanded increases, and vice versa. - **Quantity Demanded (Green Vertical Line):** This line crosses the demand curve at 10 units on the x-axis, indicating the specific quantity demanded at this point. - **Demand Price (Black Horizontal Line):** Set at $100 on the y-axis, intersecting the demand curve at the point where the quantity demanded is 10 units. **Graph Controls:** - **Quantity Demanded:** Adjustable using an input box, set at 10 units, which can be modified using the up/down arrows. - **Demand Price:** Fixed at $100.00 per unit in the displayed scenario. This graph helps to visually understand how changes in demand affect both the quantity and price in a market for goods.
Transcribed Image Text:### Graph Input Tool: Market for Goods **Graph Description:** The graph illustrates the demand curve in a market for goods. - **X-Axis (Horizontal):** Represents the quantity of goods demanded, measured in units, ranging from 0 to 20. - **Y-Axis (Vertical):** Represents the price of goods, in dollars per unit, ranging from 0 to 200. **Line Details:** - **Demand Curve (Blue Line):** Slopes downward from the top left to the bottom right, indicating the inverse relationship between price and quantity demanded. As price decreases, the quantity demanded increases, and vice versa. - **Quantity Demanded (Green Vertical Line):** This line crosses the demand curve at 10 units on the x-axis, indicating the specific quantity demanded at this point. - **Demand Price (Black Horizontal Line):** Set at $100 on the y-axis, intersecting the demand curve at the point where the quantity demanded is 10 units. **Graph Controls:** - **Quantity Demanded:** Adjustable using an input box, set at 10 units, which can be modified using the up/down arrows. - **Demand Price:** Fixed at $100.00 per unit in the displayed scenario. This graph helps to visually understand how changes in demand affect both the quantity and price in a market for goods.
**Instructions:** 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, 4, 8, 10, 12, 16, and 20 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. **Graph Details:** - **Y-Axis (Vertical):** Labeled as "TOTAL REVENUE (Dollars)" with increments shown from 0 to 1000. - **X-Axis (Horizontal):** Labeled as "QUANTITY (Number of units)" with increments shown from 0 to 20. - **Green Triangle Symbol:** Used to plot "Total Revenue" on the graph. This task involves adjusting the demand quantities and observing how they affect pricing and subsequently, total revenue. Use these calculations to plot the results accurately on the provided graph.
Transcribed Image Text:**Instructions:** 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, 4, 8, 10, 12, 16, and 20 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. **Graph Details:** - **Y-Axis (Vertical):** Labeled as "TOTAL REVENUE (Dollars)" with increments shown from 0 to 1000. - **X-Axis (Horizontal):** Labeled as "QUANTITY (Number of units)" with increments shown from 0 to 20. - **Green Triangle Symbol:** Used to plot "Total Revenue" on the graph. This task involves adjusting the demand quantities and observing how they affect pricing and subsequently, total revenue. Use these calculations to plot the results accurately on the provided graph.
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