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. Graph Input Tool ? Market for Goods 200 180 10 Quantity Demanded (Units) 160 140 Demand Price (Dollars per unit) 100.00 120 100 80 60 Demand 40 20 0 0 2 6 8 10 12 14 16 18 20 QUANTITY (Units) On the graph input tool, change the number found in the Quantity Demanded field to determine the prices that correspond to the production of 8, 10, 12, 16, and 20 units of output. Calculate the total revenue for each of these production levels. Then, on the following graph, use the gree points (triangle symbol) to plot the results. (?) 1000 900 Total Revenue 800 700 600 500 400 300 200 100 0 PRICE (Dollars per unit) TOTAL REVENUE (Dollars) 0 2 4 4 6 8 10 12 14 16 QUANTITY (Number of units) 18 20

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. Graph Input Tool ? Market for Goods 200 180 10 Quantity Demanded (Units) 160 140 Demand Price (Dollars per unit) 100.00 120 100 80 60 Demand 40 20 0 0 2 6 8 10 12 14 16 18 20 QUANTITY (Units) On the graph input tool, change the number found in the Quantity Demanded field to determine the prices that correspond to the production of 8, 10, 12, 16, and 20 units of output. Calculate the total revenue for each of these production levels. Then, on the following graph, use the gree points (triangle symbol) to plot the results. (?) 1000 900 Total Revenue 800 700 600 500 400 300 200 100 0 PRICE (Dollars per unit) TOTAL REVENUE (Dollars) 0 2 4 4 6 8 10 12 14 16 QUANTITY (Number of units) 18 20

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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