Total Revenue 700 L 600 Z 500 O 300 0 2 8 10 12 14 118 20 QUANTITY (Number of units) Calculate the total revenue if the firm produces 4 versus 3 units. Then, calculate the marginal revenue of the fourth unit produced The marginal revenue of the fourth unit produced is $ 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 $ 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 40.) Marginal Revenue 120 0 2 810 12 141 18 20 QUANTITY (Units) Comparing your total revenue graph to your marginal revenue graph, you can see that when total revenue is decreasing, marginal revenue is negative ▼

Total Revenue 700 L 600 Z 500 O 300 0 2 8 10 12 14 118 20 QUANTITY (Number of units) Calculate the total revenue if the firm produces 4 versus 3 units. Then, calculate the marginal revenue of the fourth unit produced The marginal revenue of the fourth unit produced is $ 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 $ 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 40.) Marginal Revenue 120 0 2 810 12 141 18 20 QUANTITY (Units) Comparing your total revenue graph to your marginal revenue graph, you can see that when total revenue is decreasing, marginal revenue is negative ▼

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Need help with calculating the total revenue and graphing. It's the questions with a red star next to them. Thanks in advance!

Total Revenue
700
L 600
Z 500
O 300
0 2 8 10 12 14 118 20
QUANTITY (Number of units)
Calculate the total revenue if the firm produces 4 versus 3 units. Then, calculate the marginal revenue of the fourth unit produced
The marginal revenue of the fourth unit produced is $
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 $
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 40.)
Marginal Revenue
120
0 2 810 12 141 18 20
QUANTITY (Units)
Comparing your total revenue graph to your marginal revenue graph, you can see that when total revenue is decreasing, marginal revenue is
negative ▼

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