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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, 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. TOTAL REVENUE (Dollars) 2500 2250 2000 1750 1500 1250 1000 750 500 250 0 5 10 15 20 25 30 35 QUANTITY (Number of units) 40 45 Total Revenue Calculate the total revenue if the firm produces 10 versus 9 units. Then, calculate the marginal revenue of the 10th unit produced. The marginal revenue of the 10th unit produced is $ Calculate the total revenue if the firm produces 20 versus 19 units. Then, calculate the marginal revenue of the 20th unit produced. The marginal revenue of the 20th 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. MARGINAL REVENUE (Dollars) 200 160 160 140 120 100 80 60 40 20 -20 && 15 20 25 30 30 QUANTITY (Units) Marginal Revenue Comparing your total revenue graph to your marginal revenue graph, you can see that total revenue is marginal revenue is equal to zero. at the output at which

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. TOTAL REVENUE (Dollars) 2500 2250 2000 1750 1500 1250 1000 750 500 250 0 5 10 15 20 25 30 35 QUANTITY (Number of units) 40 45 Total Revenue Calculate the total revenue if the firm produces 10 versus 9 units. Then, calculate the marginal revenue of the 10th unit produced. The marginal revenue of the 10th unit produced is $ Calculate the total revenue if the firm produces 20 versus 19 units. Then, calculate the marginal revenue of the 20th unit produced. The marginal revenue of the 20th 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. MARGINAL REVENUE (Dollars) 200 160 160 140 120 100 80 60 40 20 -20 && 15 20 25 30 30 QUANTITY (Units) Marginal Revenue Comparing your total revenue graph to your marginal revenue graph, you can see that total revenue is marginal revenue is equal to zero. at the output at which

Economics (MindTap Course List)
Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter21: Production And Costs
Section21.5: Production And Costs In The Long Run
Problem 1ST
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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, 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. TOTAL REVENUE (Dollars) 2500 2250 2000 1750 1500 1250 1000 750 500 250 0 5 10 15 20 25 30 35 QUANTITY (Number of units) 40 45 Total Revenue Calculate the total revenue if the firm produces 10 versus 9 units. Then, calculate the marginal revenue of the 10th unit produced. The marginal revenue of the 10th unit produced is $ Calculate the total revenue if the firm produces 20 versus 19 units. Then, calculate the marginal revenue of the 20th unit produced. The marginal revenue of the 20th 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. MARGINAL REVENUE (Dollars) 200 160 160 140 120 100 80 60 40 20 -20 && 15 20 25 30 30 QUANTITY (Units) Marginal Revenue Comparing your total revenue graph to your marginal revenue graph, you can see that total revenue is marginal revenue is equal to zero. at the output at which
Transcribed Image Text: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. TOTAL REVENUE (Dollars) 2500 2250 2000 1750 1500 1250 1000 750 500 250 0 5 10 15 20 25 30 35 QUANTITY (Number of units) 40 45 Total Revenue Calculate the total revenue if the firm produces 10 versus 9 units. Then, calculate the marginal revenue of the 10th unit produced. The marginal revenue of the 10th unit produced is $ Calculate the total revenue if the firm produces 20 versus 19 units. Then, calculate the marginal revenue of the 20th unit produced. The marginal revenue of the 20th 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. MARGINAL REVENUE (Dollars) 200 160 160 140 120 100 80 60 40 20 -20 && 15 20 25 30 30 QUANTITY (Units) Marginal Revenue Comparing your total revenue graph to your marginal revenue graph, you can see that total revenue is marginal revenue is equal to zero. at the output at which
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