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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 (?)

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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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: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 (?)
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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