please make sure to complete the second part of the question. thank you 2520Demand1510Marginal Revenue-10-15-20250 1 2 310114Quantity (Units)Lising the data from the demand schedule, plot the total revenue curve on the following graph. Lise the green points (triangle symbol) to plot thepoints from left to right in the order in which you want them to appear. Line segments will connect automatically.Hint: Do not forget to plot the point coresponding to a price of $0.15roTotal Revenue5045403530252015101011QUANTITY (Units)PRICE (Dolars)TOTAL REVENUE (Dolars) In the following table, which contains the demand schedule for a monopolist, enter the total revenue (TR) and marginal revenue (MR) for each price.For each price-quantity combination (that is, table row), indicate whether demand is elastic, unitary elastic, or inelastic at that point on the demandcurve.Hint: Do not calculate the price elasticity of demand mathematically. Instead, use what you know about elasticity along different segments of a lineardemand curve to determine the elasticity of each price-quantity combination.Price (P)(Dollars)Quantity Demanded (Q) (Dollars)Total Revenue (TR) Marginal Revenue (MR)(Dollars)Price Elasticity of Demand25.0022.5020.00217.50315.00412.50510.007.5075.002.500.0010Lising the data from the demand schedule, plot the demand and marginal revenue curves on the folowing graph. Use the blue points (circde symbol)to plot the demand curve and the purple points (diamond symbol) to plot marginal revenue curve. Plot the points from left to right in the order inwhich you want them to appear. Line segments will connect automatically.Note: Be sure to plot marginal values between the appropriate whole unit values. For example, the first point on your marginal revenue curve(representing the marginal revenue of the first unit) should be plotted at a value of 0.5 on the horizontal axis, and the dollar value of the marginalvalue on the vertical axis: (0.5, s22.50).

The demand for a commodity is defined as the quantity that a consumer desires to buy and is willing…

Total Revenue (TR) Price (P) (Dollars) Quantity Demanded (Q) (Dollars) Marginal Revenue (MR) (Dollars) Price Elasticity of Demand 25.00 22.50 20.00 17.50 15.00 12.50 10.00 7.50 5.00 2.50 0.00 10 Using the data from the demand schedule, plot the demand and marginal revenue curves on the following graph. Use the blue points (cirde symbol) to plot the demand curve and the purple points (diamond symbol) to plot marginal revenue curve. Plot the points from left to right in the order in which you want them to appear. Line segments will connect automatically.

Total Revenue (TR) Price (P) (Dollars) Quantity Demanded (Q) (Dollars) Marginal Revenue (MR) (Dollars) Price Elasticity of Demand 25.00 22.50 20.00 17.50 15.00 12.50 10.00 7.50 5.00 2.50 0.00 10 Using the data from the demand schedule, plot the demand and marginal revenue curves on the following graph. Use the blue points (cirde symbol) to plot the demand curve and the purple points (diamond symbol) to plot marginal revenue curve. Plot the points from left to right in the order in which you want them to appear. Line segments will connect automatically.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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