Could you please assist me with the points on the graph. The orange line has two points. I think they are at (0,40) and (70,120). I am unsure if this is correct. I also wanted to see if the green line is correct. Thanks! ### Understanding Marginal Revenue and Marginal CostThis graph illustrates the relationship between Marginal Revenue (MR), Marginal Cost (MC), and Quantity.**Axes:**- The horizontal axis represents Quantity, ranging from 0 to 100 units.- The vertical axis represents Price and Cost in dollars per unit ($/Unit), ranging from 0 to 200.**Lines:**1. **Marginal Revenue (MR) Line:** - Depicted in blue. - This line slopes downward from $200 to $0 as quantity increases, indicating that marginal revenue decreases with increased quantity.2. **Marginal Cost (MC) Line:** - Depicted in orange. - The MC line slopes upward, starting from a lower price and increasing as quantity increases, reflecting higher costs associated with increased production.**Points of Interest:**- **Intersection Point:** - The MR and MC lines intersect at around a quantity of 40 units. - This point is significant for decision-making, marking the optimal production level where profit maximization occurs. At this point, the cost of producing an additional unit is equal to the revenue gained from selling it.Understanding these key concepts helps businesses make informed production decisions to maximize profitability by aligning production levels with market dynamics. The demand function can be expressed algebraically as:\[P = \begin{cases} 200 - 0.4Q & \text{when } 0 \leq Q \leq 50 \\280 - 2Q & \text{when } Q > 50 \end{cases}\]Calculate the marginal revenue (MR) function facing Chillman and plot it on the graph using the green points (triangle symbols). *(Hint: Start with (0,200) and end at (70,0). Use all four points.)*Chillman’s total cost function is:\[TC = 500 + 40Q + 0.5Q^2\]Using the orange line (square symbols), plot the marginal cost curve on the graph.Chillman maximizes profit by selling **50** units at a price of **$180** per unit.

We’ve been given inverse demand functions and the total cost function for Chillman. With the use of the inverse demand function we can get the Total revenue function and differentiating it will give us our marginal revenue. Similarly differentiating the Total Cost function of chillman will give us the Marginal Cost function.First we’ll derive the Marginal revenue function of chillman. P=200-0.4Q {0≤Q≤50} =280-2Q {Q>50} TR=P×Qfor 0≤Q≤50TR=(200-0.4Q)QTR=200Q-0.4Q2for Q>50TR=(280-2Q)QTR=280Q-2Q2 Now we differentiate both TR function to arrive at MR functions for 0≤Q≤50MR=d(200Q-0.4Q2)dQMR=200-0.8Qfor Q>50MR=d(280Q-2Q2)dQMR=280-4QNow lets derive our MC function by differentiating the TC function. TC=500+40Q+0.5Q2MC=d(500+40Q+0.5Q2)dQMC=40+Q Now that we have the equations let us plot the graphs of the same, Here the green line is the MR function with the equation MR=200-0.8Q {0≤Q≤50} =280-4Q {Q>50} And the orange line is the MC function with the equation MC=40+Q The MC curve intersects the demand curve at (80,120).