Move the cursor to draw the marginal revenue curve using the information in the following table.QuantityProduced01234568070605040030201007Price($)807570656055502Total Revenue($)075140195240275300Marginal Revenue ($)34Quantity Produced56

The marginal revenue will be the selling price of a single additional product that was sold. It is…

Move the cursor to draw the marginal revenue curve using the information in the following table. Quantity Produced 0 1 2 3 4 5 6 80 70 60 50 400 30 20 10 0 1 Price ($) 80 75 70 65 60 55 50 2 Total Revenue ($) 0 75 140 195 240 275 300 Marginal Revenue ($) 3 4 Quantity Produced 5 6

Move the cursor to draw the marginal revenue curve using the information in the following table. Quantity Produced 0 1 2 3 4 5 6 80 70 60 50 400 30 20 10 0 1 Price ($) 80 75 70 65 60 55 50 2 Total Revenue ($) 0 75 140 195 240 275 300 Marginal Revenue ($) 3 4 Quantity Produced 5 6

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The graph below plots the firm's total revenue curve: that is, the relationship between quantity and total revenue given by the two right columns in the table above. The five choices are also labeled. Finally, two black lines are shown; these lines are tangent to the green curve at points B and D. 90 81 72 63 54 В D 45 36 27 18 A E 100 200 300 400 500 600 700 800 QUANTITY (Dishwashers per year) TOTAL REVENUE (Thousands of dollars per year)
60 MC 40 АТС AVC 20 50 100 150 Quantity efer to the graph shown above. Assume the price is $30. - What is this firm's profit maximizing output level? - What is the firm's profit-maximizing price?
150 120 Marginal Revenue 90 60 30 -30 9 12 15 21 24 27 30 QUANTITY (Units) Comparing your total revenue graph to your marginal revenue graph, you can see that total revenue is maximized at the output at which marginal revenue is equal to zero. MARGINAL REVENUE (Dollars)
2. The demand curve facing a competitive firm The following graph illustrates the market for small moving trucks in Flagstaff, AZ, during Northern Arizona's fall move-in week. PRICE (Dollars per small trick) 100 90 70 8 8 8 8 8 8 8 0 0 Demand 1 2 0 1 2 3 QUANTITY (Hundreds of small trucks) Supply Suppose that Zoom be is one of over a dozen competitive firms in the Flagstaff area that offers moving truck rentals. Based on the preceding graph showing the weekly market demand and supply curves, the price Zoomba must take as given is 9 Fill in the price and the total, marginal, and average revenue Zoomba earns when it rents 0, 1, 2, or 3 trucks during move-in week. Quantity Price (Trucks) (Dollars per truck) Total Revenue Marginal Revenue (Dollars) (Dollars) Average Revenue (Dollars per truck) 10 O Marginal revenue curve O Supply curve O Marginal cost curve Ⓒ Average revenue curve 0 The demand curve faced by Zoomba is identical to which of its other curves? Check all that apply. $10
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Suppose that the market for candles is a competitive market. The following graph shows the daily cost curves of a firm operating in this market. Hint: After placing the rectangle on the graph, you can select an endpoint to see the coordinates of that point. PRICE (Dollars per candle) 8 2 2 3 2 8 36 32 28 24 20 4 0 0 MC 2 ATC AVC 6 4 8 10 12 14 16 QUANTITY (Thousands of candles per day) 18 20 Profit or Loss In the short run, at a market price of $20 per candle, this firm will choose to produce On the preceding graph, use the blue rectangle (circle symbols) to shade the area representing the firm's profit or loss if the market price is $20 and the firm chooses to produce the quantity you already selected. OL candles per day. a n W
The following graph plots daily cost curves for a firm operating in the competitive market for fitness trackers. Hint: Once you have positioned the rectangle on the graph, select a point to observe its coordinates. PRICE(Dollars pertracker) 100 90 70 60 50 40 20 10 0 0 MO ATC AVC 50 60 70 80 10 20 30 40 QUANTITY (Thousands of trackers per day) 90 100 Profit or Loss In the short run, given a market price equal to $45 per tracker, the firm should produce a daily quantity of trackers. On the preceding graph, use the blue rectangle (circle symbols) to fill in the area that represents profit or loss of the firm given the market price of $45 and the quantity of production from your previous answer. Note: In the following question, enter a positive number regardless of whether the firm earns a profit or incurs a loss. The rectangular area represents a short-run thousand per day for the firm.
3. Johnny Rockabilly has just finished recording his latest CD. His record company's marketing department determines that the demand for the CD is as follows: Price Number of CDs $24 10 000 22 20 000 20 20 30 000 18 40 000 16 50 000 14 60 000 The company can produce the CD with no fixed cost and a variable cost of $5 per CD. a. Find total revenue for quantity equal to 10 000, 20 000, and so on. What is the marginal revenue for each 10 000 increase in the quantity sold? b. What quantity of CDs would maximize profit? What would be the price? What would be the profit? c. If you were Johnny's agent, what recording fee would you advise Johnny to demand from the record company? Why?
The blue curve on the follovwing 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. Graph Input Tool Market for Goods 250 225 I Quantity Demanded 25 200 (Units) 175 Demand Price (Dollars per unit) 125.00 150 125 100 75 Demand 50 25 30 QUANTITY (Units) 5 10 15 20 25 35 40 45 50 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, 10, 20, 25, 30, 40, and 50 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 3130 2817 Total Revenue 2504 2191 1878 + 1565 1252 939 626 313 5 10 15 20 25 30 35 40 45 50…
In this video, Hamida may have made a mistake in identifying the profit/loss area. Identify whether or not she's made a mistake. If she hasn't, mark it as right. If she has, then identify the right profit/loss area. The graph is attached here again for your convenience Costs and revenue $ P2 P₁ Pol 0 W Qy MR MC ATC AVC Demand Quantity Hamida did not make a mistake. There is a loss of (P1-P2)Qy for this monopolistically competitive firm There is a positive profit of (P1-P2)Qy for this monopolistically competitive firm O There is a loss of (P2-PO)Qy for this monopolistically competitive firm
The chart below shows two possible demand curves for a firm. Select one correct answer. Price 15000 10000 5000 500 1000 Quantity 1500 2000 Demand Curve 1 Demand Curve 2
Chapter 16 Homework PRICE (Thousands of dollars per fire engine) 220 Femi 200 180 160 140 120 100 80 60 40 20 0 0 True 1 False 2 4 56 7 QUANTITY (Fire engines) 3 8 Demand 9 10 increase production from 8 to 9 fire engines because the True or False: If alternatively Femi's HookNLadder were a competitive firm and $80,000 were the market price for an engine, decreasing its price from $80,000 to $40,000 would result in the same change in the production quantity and, thus, total revenue. Revenue Lost Revenue Gained dominates in this scenario.