The blue curve on the fallowing graph represents the demand curve facing a firm that can set its own prices.Use the graph input tool to help you answer the folowing questions. You will nor be graded on any changes you make to this graph.Note: Once you enter a value in a white fidd, the graph and any corresponding amounts in each grey field will change accordingly.Graph Input ToolMarket for Goods50nguantity25Semanded(Linita)40Demand Price(Dolars per unt)25.00Damand1010 15 20 a5 0 35 40QUANTITY (Unts)45 50On the graph input tool, change the number found in the Quantity Demanded feld to determine the prices that correspond to the production of 0, 10,20, 25, 30, 40, and S0 units of output Calculate the total revenue for each of these production leveis. Then, on the fallowing graph, use the greenpoints (triangie symbal) to plot the resuwts.Total RrvenueS04445315124101520253035404550CUANTITY (Numbar of unta)TOTAL REVENUE (Dolan)an nd oa) Calculate the total revenue if the firm produces 10 versus 9 units. Then, calculate the marginal revenue of the 10th unit produced.The marginal revenue of the 10th unit produced is sCalculate the total revenue if the firm produces 20 versus 19 units. Then, calculate the marginal revenue of the 20th unit produced.The marginal revenue of the 20th unit produced is SBased on your answers from the previous question, and assuming that the marginal revenue curve is a straight ine, use the black Nne (plus symbol)to plot the firm's marginal revenue curve on the following graph. (Round all values to the nearest Increment of 10.)5040Marginal Revenue-10101520253035404550QUANTITY (Units)Comparing your total revenue graph to your marginal revenue graph, you can see that when total revenue is increasing, marginal revenue isMARGINAL REVENUE (Dolars)

Answered: Image /qna-images/answer/a41503bb-7278-45c5-9ec8-f3cd844196f9.jpg

use the graph input tooi to heja you anawer the folowing questions. You wil not be graded on any changes you make to ths graph. Note: Once you enter a value in a white feld, the graph and any corresponding amounts in each grey feld wil change accordngly Graph Input Tool Market for Goods nguantity Jemanded Demand Price (Doas per un) 25.00 Dmand * 10 1 20 as 4 0 QUANTITY (Unt) Gur and udiasa

use the graph input tooi to heja you anawer the folowing questions. You wil not be graded on any changes you make to ths graph. Note: Once you enter a value in a white feld, the graph and any corresponding amounts in each grey feld wil change accordngly Graph Input Tool Market for Goods nguantity Jemanded Demand Price (Doas per un) 25.00 Dmand * 10 1 20 as 4 0 QUANTITY (Unt) Gur and udiasa

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

The blue curve on the fallowing graph represents the demand curve facing a firm that can set its own prices.
Use the graph input tool to help you answer the folowing questions. You will nor be graded on any changes you make to this graph.
Note: Once you enter a value in a white fidd, the graph and any corresponding amounts in each grey field will change accordingly.
Graph Input Tool
Market for Goods
50
nguantity
25
Semanded
(Linita)
40
Demand Price
(Dolars per unt)
25.00
Damand
10
10 15 20 a5 0 35 40
QUANTITY (Unts)
45 50
On the graph input tool, change the number found in the Quantity Demanded feld to determine the prices that correspond to the production of 0, 10,
20, 25, 30, 40, and S0 units of output Calculate the total revenue for each of these production leveis. Then, on the fallowing graph, use the green
points (triangie symbal) to plot the resuwts.
Total Rrvenue
S04
445
315
124
10
15
20
25
30
35
40
45
50
CUANTITY (Numbar of unta)
TOTAL REVENUE (Dolan)
an nd oa)

Calculate the total revenue if the firm produces 10 versus 9 units. Then, calculate the marginal revenue of the 10th unit produced.
The marginal revenue of the 10th unit produced is s
Calculate the total revenue if the firm produces 20 versus 19 units. Then, calculate the marginal revenue of the 20th unit produced.
The marginal revenue of the 20th unit produced is S
Based on your answers from the previous question, and assuming that the marginal revenue curve is a straight ine, use the black Nne (plus symbol)
to plot the firm's marginal revenue curve on the following graph. (Round all values to the nearest Increment of 10.)
50
40
Marginal Revenue
-10
10
15
20
25
30
35
40
45
50
QUANTITY (Units)
Comparing your total revenue graph to your marginal revenue graph, you can see that when total revenue is increasing, marginal revenue is
MARGINAL REVENUE (Dolars)

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