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. 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, 8, 16, 20, 24, 32, and 40 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. Calculate the total revenue if the firm produces 8 versus 7 units. Then, calculate the marginal revenue of the eighth unit produced.The marginal revenue of the eighth unit produced is . Calculate the total revenue if the firm produces 16 versus 15 units. Then, calculate the marginal revenue of the 16th unit produced.The marginal revenue of the 16th unit produced is . b Answered: Consider the competit X* MindTap - Cengage LearningA ng.cengage.com/static/nb/ui/evo/index.html?deploymentld=59828118170010561930692029148&elSBN=9780357133606&snapshotld=2556323&id=1270090856&E Apps M GmailYouTube A Maps A clickserve.dartsearc.E Reading list«* CENGAGE MINDTAPQ Search this courseLove vA My HomeHomework (Ch 15)ponts (Lridrngie symboi) Lo pioL Lie resuits.Courses(?O Catalog and Study ToolsA-ZEE Rental Options2000P College Success Tips1800Total RevenueCareer Success Tips16001400? HelpA A A1200O Give Feedback1000800AO 600bongo400200481216202428323640QUANTITY (Number of units)5:45 PMP Type here to searchL21%44°FO O O 4»)12/8/2021TOTAL REVENUE (Dollars)x ... b. Answered: Consider the competit X* MindTap - Cengage LearningA ng.cengage.com/static/nb/ui/evo/index.html?deploymentld=59828118170010561930692029148&elSBN=9780357133606&snapshotld=2556323&id=1270090856&E Apps M GmailYouTube A Maps A clickserve.dartsearc.E Reading list«* CENGAGE MINDTAPQ Search this courseLove vA My HomeHomework (Ch 15)INOLE. Once you ence d value d WIILE meiu, uie giapII diiu dily CoITesponumng diiouits II eacii grey meiu wili Llidnge acCorunyiy.CoursesO Catalog and Study ToolsGraph Input ToolA-ZEE Rental OptionsMarket for Goods200P College Success TipsI QuantityDemanded(Units)18020160Career Success TipsDemand Price(Dollars per unit)140100.00? Help120100O Give Feedback8060Demand4020bongo481216 2024 28 32 36 40QUANTITY (Units)5:44 PMP Type here to searchL20%44°FO O O 4)12/8/2021PRICE (Dollars per unit)x ...

The demand curve shows the relationship between the price and quantity demanded. According to the…

Answered: The blue curve on the following graph…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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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.

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, 8, 16, 20, 24, 32, and 40 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.

Calculate the total revenue if the firm produces 8 versus 7 units. Then, calculate the marginal revenue of the eighth unit produced.

The marginal revenue of the eighth unit produced is

Calculate the total revenue if the firm produces 16 versus 15 units. Then, calculate the marginal revenue of the 16th unit produced.

The marginal revenue of the 16th unit produced is

b Answered: Consider the competit X
* MindTap - Cengage Learning
A ng.cengage.com/static/nb/ui/evo/index.html?deploymentld=59828118170010561930692029148&elSBN=9780357133606&snapshotld=2556323&id=1270090856&
E Apps M Gmail
YouTube A Maps A clickserve.dartsearc.
E Reading list
«
* CENGAGE MINDTAP
Q Search this course
Love v
A My Home
Homework (Ch 15)
ponts (Lridrngie symboi) Lo pioL Lie resuits.
Courses
(?
O Catalog and Study Tools
A-Z
EE Rental Options
2000
P College Success Tips
1800
Total Revenue
Career Success Tips
1600
1400
? Help
A A A
1200
O Give Feedback
1000
800
A
O 600
bongo
400
200
4
8
12
16
20
24
28
32
36
40
QUANTITY (Number of units)
5:45 PM
P Type here to search
L
21%
44°F
O O O 4»)
12/8/2021
TOTAL REVENUE (Dollars)
x ...

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