**Understanding Total Revenue and Marginal Revenue through Graphs**In this exercise, we explore how to calculate total and marginal revenue using graphical data. You'll change the number in the Quantity Demanded field to identify prices corresponding to productions of 0, 10, 20, 25, 30, 40, and 50 units. Subsequently, you'll calculate total revenue at these levels and use the provided graph to visualize results.**Graph Description:**- **Title:** Total Revenue Graph- **Axes:** - X-axis: Quantity (Number of units) - Y-axis: Total Revenue (Dollars)- **Graph Line:** Green line plotted with triangle symbols (▲) representing data points.The graph illustrates total revenue across different quantities of output. As quantity increases from 0 to 30 units, total revenue initially rises, reaching a peak, and then declines as quantity increases to 50 units.**Calculation Exercises:**1. **Calculate Total Revenue and Marginal Revenue for 10 Units:** - Determine total revenue when the firm produces 10 units versus 9 units. - Calculate the marginal revenue of the 10th unit.2. **Calculate Total Revenue and Marginal Revenue for 20 Units:** - Determine total revenue when the firm produces 20 units versus 19 units. - Calculate the marginal revenue of the 20th unit.By completing these steps, you will enhance your understanding of how production levels impact overall revenue and marginal gains with each additional unit produced. This insight is crucial for optimizing production strategies and maximizing profits. **Instructions:**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 50.)**Graph Description:**- **Axes:** - The x-axis represents Quantity (Units) from 0 to 50. - The y-axis represents Marginal Revenue (Dollars) from 0 to 250.- **Current Data on the Graph:** - The graph has a straight horizontal line representing Marginal Revenue, which appears constant across different quantities.**Instruction Note:**Comparing your total revenue graph to your marginal revenue graph, you can see that when total revenue is decreasing, marginal revenue is less than zero.

Total revenue is the revenue earned by selling of the produced quantity at a price. TR=P*Q MR is the…

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.

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.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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