The tue curve on the following graph represents the demand curve facing a fires 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 is a white field, the graph and any corresponding amounts in each grey field will change accordingly. PRICE (Doles per un #333ESRE TOTAL REVENUE a RESERaK Demand QUANTITY() QUANTITY .. 19 Graph Input Tool. Market for Goods Quantity Demanded junts) Demand Price (Dollars perunt) On the graph input tool, change the number found in the Quasorty Demended field to determine the prees that corressed to the production af 0, 2, 4,5,6,8, and 10 units of output. Calculate the total revenue for each of these production levels. Thers or the following arach, use the green onts (trangle symbel) to plot the results. 5 Toale 50.00 Calculate the total revenue if the fem produces 2 versus unts. Then, calculate the marginal revence of the second ont produced The marginal revenus of the second unit produced is Calculate the total revenue of the firm produces versus 3 units. Then, calate the marginal revenue of the fourth une produced The marginal revenue of the fourth unit produced is Based on your awers from the previous paster, and assuming that the marginal revenue curve a straight line on the black ne kad to let the firm's marginal revenue curve on the following ar
The tue curve on the following graph represents the demand curve facing a fires 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 is a white field, the graph and any corresponding amounts in each grey field will change accordingly. PRICE (Doles per un #333ESRE TOTAL REVENUE a RESERaK Demand QUANTITY() QUANTITY .. 19 Graph Input Tool. Market for Goods Quantity Demanded junts) Demand Price (Dollars perunt) On the graph input tool, change the number found in the Quasorty Demended field to determine the prees that corressed to the production af 0, 2, 4,5,6,8, and 10 units of output. Calculate the total revenue for each of these production levels. Thers or the following arach, use the green onts (trangle symbel) to plot the results. 5 Toale 50.00 Calculate the total revenue if the fem produces 2 versus unts. Then, calculate the marginal revence of the second ont produced The marginal revenus of the second unit produced is Calculate the total revenue of the firm produces versus 3 units. Then, calate the marginal revenue of the fourth une produced The marginal revenue of the fourth unit produced is Based on your awers from the previous paster, and assuming that the marginal revenue curve a straight line on the black ne kad to let the firm's marginal revenue curve on the following ar
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
Transcribed Image Text:The blue curve on the following graph represents the demand curve facing a fires 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 is a white field, the graph and any corresponding amounts in each grey field will change accordingly.
und sa
Saar2.
TOTAL REVENUE D
Demand
REBEK
4**
QUANTITY()
WLAN LATVC
A
QUANTITY (bertu
Graph Input Tool
Market for Goods
Quantity
Demanded
(Un)
Demand Price
(Dollars per unt)
On the graph input tool, change the number found in the Quanty Demended field to determine the prices that correspond to the production of 0, 2,
4, 5, 6, 8, and 10 units of output. Cakulate the total revenue for each of these production levels. Thers or the following grach, use the green ponts
(triangle symbel) to plot the results.
Tal Revenu
5
Calculate the total revenue of the firm produces 4 versue 3 ans. Then, calculate the may
The marginal revenue of the fourth unit produced
50.00
Calculate the total revenue if the form produces 2 versius i onts. Then, calculate the marginal revence of the second unit produced
The marginal revenus of the second unit produced in S
Based on your answers from the previous question, and assuming that the marginal reven
to alot the firm's marginal revenue curve on the following graph
revenue of the fourth une produced
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