Calculate the total revenue if the firm produces 6 versus 5 units. Then, calculate the marginal revenue of the sixth unit produced. The marginal revenue of the sixth unit produced is $ Calculate the total revenue if the firm produces 12 versus 11 units. Then, calculate the marginal revenue of the 12th unit produced. The marginal revenue of the 12th unit produced is $ Based on your answers from the previous question, and assuming that the marginal revenue curve is a straight line, use the black line (plus symbol) to plot the firm's marginal revenue curve on the following graph. (Round all values to the nearest increment of 30.) MARGINAL REVENUE (Dollars) 150 120 8 30 -30 12 15 18 21 24 27 30 QUANTITY (Units) + Marginal Revenue ? Comparing your total revenue graph to your marginal revenue graph, you can see that when total revenue is increasing, marginal revenue is 3. 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. PRICE (Dollars per unit) 105 120 150 135 • ་ྒ ཙི བཻ 8 ཞེ 8 ཏྱཾ ཾ སྒོ ཙྩཾ 30 45 75 90 Demand 0 36 9 12 15 18 21 24 27 30 QUANTITY (Units) Graph Input Tool Market for Goods Quantity Demanded (Units) 15 Demand Price (Dollars per unit) 75.00 On the previous graph, change the number found in the Quantity Demanded field to determine the prices that correspond to the production of 0, 6, 12, 15, 18, 24, or 30 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. TOTAL REVENUE (Dollars) 1130 1017+ 904 + 791 678 565 452 339 226 113 3 6 9 12 15 18 21 24 27 30 QUANTITY (Number of units) Total Revenue ? ?
Calculate the total revenue if the firm produces 6 versus 5 units. Then, calculate the marginal revenue of the sixth unit produced. The marginal revenue of the sixth unit produced is $ Calculate the total revenue if the firm produces 12 versus 11 units. Then, calculate the marginal revenue of the 12th unit produced. The marginal revenue of the 12th unit produced is $ Based on your answers from the previous question, and assuming that the marginal revenue curve is a straight line, use the black line (plus symbol) to plot the firm's marginal revenue curve on the following graph. (Round all values to the nearest increment of 30.) MARGINAL REVENUE (Dollars) 150 120 8 30 -30 12 15 18 21 24 27 30 QUANTITY (Units) + Marginal Revenue ? Comparing your total revenue graph to your marginal revenue graph, you can see that when total revenue is increasing, marginal revenue is 3. 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. PRICE (Dollars per unit) 105 120 150 135 • ་ྒ ཙི བཻ 8 ཞེ 8 ཏྱཾ ཾ སྒོ ཙྩཾ 30 45 75 90 Demand 0 36 9 12 15 18 21 24 27 30 QUANTITY (Units) Graph Input Tool Market for Goods Quantity Demanded (Units) 15 Demand Price (Dollars per unit) 75.00 On the previous graph, change the number found in the Quantity Demanded field to determine the prices that correspond to the production of 0, 6, 12, 15, 18, 24, or 30 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. TOTAL REVENUE (Dollars) 1130 1017+ 904 + 791 678 565 452 339 226 113 3 6 9 12 15 18 21 24 27 30 QUANTITY (Number of units) Total Revenue ? ?
Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
14th Edition
ISBN:9781305506381
Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
ChapterB: Differential Calculus Techniques In Management
Section: Chapter Questions
Problem 5E
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Question
not use ai please
Transcribed Image Text:Calculate the total revenue if the firm produces 6 versus 5 units. Then, calculate the marginal revenue of the sixth unit produced.
The marginal revenue of the sixth unit produced is $
Calculate the total revenue if the firm produces 12 versus 11 units. Then, calculate the marginal revenue of the 12th unit produced.
The marginal revenue of the 12th unit produced is $
Based on your answers from the previous question, and assuming that the marginal revenue curve is a straight line, use the black line (plus symbol)
to plot the firm's marginal revenue curve on the following graph. (Round all values to the nearest increment of 30.)
MARGINAL REVENUE (Dollars)
150
120
8
30
-30
12 15
18 21
24 27 30
QUANTITY (Units)
+
Marginal Revenue
?
Comparing your total revenue graph to your marginal revenue graph, you can see that when total revenue is increasing, marginal revenue is
Transcribed Image Text:3. 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.
PRICE (Dollars per unit)
105
120
150
135
• ་ྒ ཙི བཻ 8 ཞེ 8 ཏྱཾ ཾ སྒོ ཙྩཾ
30
45
75
90
Demand
0 36 9 12 15 18 21 24 27 30
QUANTITY (Units)
Graph Input Tool
Market for Goods
Quantity
Demanded
(Units)
15
Demand Price
(Dollars per unit)
75.00
On the previous graph, change the number found in the Quantity Demanded field to determine the prices that correspond to the production of 0, 6,
12, 15, 18, 24, or 30 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.
TOTAL REVENUE (Dollars)
1130
1017+
904 +
791
678
565
452
339
226
113
3
6
9 12
15
18
21
24
27
30
QUANTITY (Number of units)
Total Revenue
?
?
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