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, 2,4, 5, 6, 8, and 10 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)500450400350300250200150100500012345678910QUANTITY (Number of units)Total Revenue?Calculate the total revenue if the firm produces 2 versus 1 units. Then, calculate the marginal revenue of the second unit produced. 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.200180160140120100806040PRICE (Dollars per unit)+Demand200012 34 56 789 10QUANTITY (Units)Graph Input ToolMarket for GoodsQuantityDemanded(Units).Demand Price(Dollars per unit).5100.00?

Total revenue, also referred to as gross revenue, is the income generated by a business from selling…

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, 2, 4, 5, 6, 8, and 10 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) 500 450 400 350 300 250 200 150 100 50 P 0 1 2 3 4 5 6 7 8 9 10 QUANTITY (Number of units) A Total Revenue Calculate the total revenue if the firm produces 2 versus 1 units. Then, calculate the marginal revenue of the second unit produced.

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, 2, 4, 5, 6, 8, and 10 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) 500 450 400 350 300 250 200 150 100 50 P 0 1 2 3 4 5 6 7 8 9 10 QUANTITY (Number of units) A Total Revenue Calculate the total revenue if the firm produces 2 versus 1 units. Then, calculate the marginal revenue of the second unit produced.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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a1
Your cousin Vinnie owns a painting company with fixed costs of $200 and the following schedule for variable costs: Quantity Variable Cost Average Fixed Cost Average Variable Cost Average Total Cost (Houses Painted per Month) (Dollars) (Dollars) (Dollars) (Dollars) 1 10 2 20 3 40 4 80 160 6 320 7 640 The efficient scale is houses.
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Alex is a hard-working college sophomore. One Saturday, he decides to work nonstop until he has answered 50 practice problems for his economics course. He starts work at 8:00 AM and uses a table to keep track of his progress throughout the day. He notices that as he gets tired, it takes him longer to solve each problem. Time Total Problems Answered 8:00 AM 0 9:00 AM 20 10:00 AM 35 11:00 AM 45 Noon 50 Use the table to answer the following questions. The marginal, or additional, gain from Alex’s second hour of work, from 9:00 AM to 10:00 AM, is problems. The marginal gain from Alex’s fourth hour of work, from 11:00 AM to noon, is problems. Later, the teaching assistant in Alex’s economics course gives him some advice. “Based on past experience,” the teaching assistant says, “working on 7.5 problems raises a student’s exam score by about the same amount as reading the textbook for 1 hour.” For simplicity, assume students always cover the same…
Calculate the value of Total revenue when price is $33 and the quantity is 71 units
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in the month of Janaury a car dealership bought its vehicles for $100.000 and sold them for $145,000 It pays its employees $20,000 for the month. What is the gross profit for January? Ⓒ$45.000 Ⓒ$25.000 $100.000 $145.000
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