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) 3130 2817 2504 MARGINAL REVENUE (Dollars) 2191 1878 1565 1252 939 626 313 0 250 225 200 175 150 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 $ 125 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 $ 100 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. 75 50 25 0 0 -25 + 5 -50 + 0 10 5 + 15 20 25 30 35 QUANTITY (Number of units) 10 + 40 15 20 25 30 35 + H 45 50 QUANTITY (Units) 40 Total Revenue ? 45 50 Marginal Revenue (?)

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) 3130 2817 2504 MARGINAL REVENUE (Dollars) 2191 1878 1565 1252 939 626 313 0 250 225 200 175 150 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 $ 125 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 $ 100 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. 75 50 25 0 0 -25 + 5 -50 + 0 10 5 + 15 20 25 30 35 QUANTITY (Number of units) 10 + 40 15 20 25 30 35 + H 45 50 QUANTITY (Units) 40 Total Revenue ? 45 50 Marginal Revenue (?)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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