  a. On the demand curve graph, place the end points of the demand curve such that at a quantity of 2 the price is \$8 per unitand at a quantity of 16, the price of \$1 per unitb. Use the information from the demand curve to plot a total revenue curve for a firm facing the plotted demand curveDemand CurveTotal Revenue Curve12605611Demand5210TR48944840367326282442016122814000 1 2 30 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 164 5 6 7 810 11 12 13 14 15 16QuantityQuantityTotal Revenue (\$)coLO(s)эPrice

Question help_outlineImage Transcriptionclosea. On the demand curve graph, place the end points of the demand curve such that at a quantity of 2 the price is \$8 per unit and at a quantity of 16, the price of \$1 per unit b. Use the information from the demand curve to plot a total revenue curve for a firm facing the plotted demand curve Demand Curve Total Revenue Curve 12 60 56 11 Demand 52 10 TR 48 9 44 8 40 36 7 32 6 28 24 4 20 16 12 2 8 1 4 0 0 0 1 2 3 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 4 5 6 7 8 10 11 12 13 14 15 16 Quantity Quantity Total Revenue (\$) co LO (s) э Price fullscreen
Step 1

Demand Curve: It refers to the curve that represents the relation between the demand for a commodity and its price keeping other things constant.

Total Revenue: It refers to the sum total of all the receipts from the sale of a good calculated by multiplying price and quantity of the commodity.

Step 2

(a) When the price is \$8 the quantity demanded is 2 units and at a quantity of 16 units t... help_outlineImage TranscriptioncloseDemand Curve Price (in S) 18 16 14 12 10 8 6 4 2 0 0 1 2 3 4 5 6 7 9 Quanity Demanded (In units) un fullscreen

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