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) 250 225 200 175 150 125 100 75 15 50 25 25 0 -25 -50 0 5 10 15 20 25 30 35 40 45 QUANTITY (Units) 50 50 Marginal Revenue (?) Comparing your total revenue graph to your marginal revenue graph, you can see that when total revenue is decreasing, marginal revenue is PRICE (Dollars per unit) 250 225 200 175 150 125 100 75 60 50 25 0 о 5 10 Demand 40 15 20 25 30 35 40 QUANTITY (Units) 45 50 60 Graph Input Tool Market for Goods Quantity Demanded (Units) Demand Price (Dollars per unit) 25 125.00 (?) 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 2191 1878 1565 1252 939 626 313 0 0 5 10 15 20 25 30 35 QUANTITY (Number of units) 40 40 45 50 50 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) 250 225 200 175 150 125 100 75 15 50 25 25 0 -25 -50 0 5 10 15 20 25 30 35 40 45 QUANTITY (Units) 50 50 Marginal Revenue (?) Comparing your total revenue graph to your marginal revenue graph, you can see that when total revenue is decreasing, marginal revenue is PRICE (Dollars per unit) 250 225 200 175 150 125 100 75 60 50 25 0 о 5 10 Demand 40 15 20 25 30 35 40 QUANTITY (Units) 45 50 60 Graph Input Tool Market for Goods Quantity Demanded (Units) Demand Price (Dollars per unit) 25 125.00 (?) 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 2191 1878 1565 1252 939 626 313 0 0 5 10 15 20 25 30 35 QUANTITY (Number of units) 40 40 45 50 50 Total Revenue (?)
Economics Today and Tomorrow, Student Edition
1st Edition
ISBN:9780078747663
Author:McGraw-Hill
Publisher:McGraw-Hill
Chapter5: Buying The Necessities
Section: Chapter Questions
Problem 20AA
Related questions
Question
Transcribed Image Text: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)
250
225
200
175
150
125
100
75
15
50
25
25
0
-25
-50
0
5
10
15
20 25
30
35
40
45
QUANTITY (Units)
50
50
Marginal Revenue
(?)
Comparing your total revenue graph to your marginal revenue graph, you can see that when total revenue is decreasing, marginal revenue is
Transcribed Image Text:PRICE (Dollars per unit)
250
225
200
175
150
125
100
75
60
50
25
0
о
5 10
Demand
40
15 20 25 30 35 40
QUANTITY (Units)
45 50
60
Graph Input Tool
Market for Goods
Quantity
Demanded
(Units)
Demand Price
(Dollars per unit)
25
125.00
(?)
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
2191
1878
1565
1252
939
626
313
0
0
5
10
15
20
25 30 35
QUANTITY (Number of units)
40
40
45
50
50
Total Revenue
(?)
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