**Title: Understanding Demand Curve and Revenue Calculations**The blue curve on the following graph represents the demand curve facing a firm that can set its own prices.**Instructions:**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.---**Graph Input Tool**- **Market for Goods** - **Quantity Demanded (units):** [Field to enter units, default: 25] - **Demand Price (dollars per unit):** [Field showing price, default: 125.00]The graph displayed shows:- The x-axis labeled "QUANTITY (units)" ranging from 0 to 50.- The y-axis labeled "PRICE (Dollars per unit)" ranging from $100 to $300.- A blue demand line sloping down from the y-axis to the x-axis, showing the inverse relationship between quantity and price.- A dotted green vertical line at the quantity of 25, intersecting the demand curve at the price of $125.---**Exercise:**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 symbols) to plot the results.---**Graph Description:**- **Title:** Total Revenue- **X-axis:** QUANTITY (Number of units) from 0 to 50- **Y-axis:** TOTAL REVENUE (Dollars) with increments from $0 to $2,100- A plotted line of green triangles representing the calculated total revenue at specified quantities.---**Tasks:**1. Calculate the total revenue if the firm produces 10 versus 9 units. Then, calculate the marginal revenue of the 10th unit produced. - **Total revenue of the 10th unit produced: [Field for user input]** - **Marginal revenue of the 10th unit produced: [Field for user input]**2. Calculate the total revenue if the firm produces 20 versus 19 units. Then, calculate the marginal revenue of the 20 **Transcription for Educational Website:**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. (Round all values to the nearest increment of 50.)---**Graph Explanation:**- **Title:** Marginal Revenue- **Axes:** - **Horizontal Axis:** Quantity (Units) ranging from 0 to 50. - **Vertical Axis:** Marginal Revenue (Dollars) ranging from -50 to 250.The graph includes a straight horizontal line that represents marginal revenue at $0. This line is plotted across the quantities from 0 to 50, indicating that marginal revenue remains constant at 0 dollars.---Comparing your total revenue graph to your marginal revenue graph, you can see that total revenue is _________ at the output at which marginal revenue is equal to zero.

The blue curve on the fallowing graph represerts 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 an 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. Graph Input Tool Market for Goods 250 guantity Bemanded 225 25 200 (Linita) 175 Demand Price 125.00 (Dolars per unit) 150 125 75 Demand 25 •s 10 15 20 s 0 35 0 45 s0 QUANTITY (Unt) On the graph input toal, change the number found in the Quantity Demanded feid to determine the prices that correspond to the production of 0, 10, 20, 25, 30, 40, and 50 units of output Calcuiate the total revenue for each of these praduction leveis. Then, on the fallowing graph, use the green paints (triangie symbal) to plet the resuts. 2017 Total Rrverue 2504 2101 PrECE (Dolan per unit)

The blue curve on the fallowing graph represerts 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 an 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. Graph Input Tool Market for Goods 250 guantity Bemanded 225 25 200 (Linita) 175 Demand Price 125.00 (Dolars per unit) 150 125 75 Demand 25 •s 10 15 20 s 0 35 0 45 s0 QUANTITY (Unt) On the graph input toal, change the number found in the Quantity Demanded feid to determine the prices that correspond to the production of 0, 10, 20, 25, 30, 40, and 50 units of output Calcuiate the total revenue for each of these praduction leveis. Then, on the fallowing graph, use the green paints (triangie symbal) to plet the resuts. 2017 Total Rrverue 2504 2101 PrECE (Dolan per unit)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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