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, 6, 12, 15, 18, 24, and 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.   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_________.

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
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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, 6, 12, 15, 18, 24, and 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.

 

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_________.
(?
1130
1017
Total Revenue
904
791
678
565
452
339
226
113
3
9.
12
15
18
21
24
27
30
QUANTITY (Number of units)
TOTAL REVENUE (Dollars)
Transcribed Image Text:(? 1130 1017 Total Revenue 904 791 678 565 452 339 226 113 3 9. 12 15 18 21 24 27 30 QUANTITY (Number of units) TOTAL REVENUE (Dollars)
Graph Input Tool
(?
Market for Goods
150
135
I Quantity
Demanded
15
120
(Units)
Demand Price
(Dollars per unit)
105
75.00
90
75
60
45
Demand
30
15
9.
12
15
18
21
24
27 30
QUANTITY (Units)
PRICE (Dollars per unit)
Transcribed Image Text:Graph Input Tool (? Market for Goods 150 135 I Quantity Demanded 15 120 (Units) Demand Price (Dollars per unit) 105 75.00 90 75 60 45 Demand 30 15 9. 12 15 18 21 24 27 30 QUANTITY (Units) PRICE (Dollars per unit)
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