Answer all clearly 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 in a white field, the graph and any corresponding amounts in each grey field will change accordingly.Graph Input ToolMarket for Goods25QuantityDemanded(Units)Demand Price(Dollars per unit)25.00Demand05 10 15 20 25 30 35 40 45 50QUANTITY (Units)On the graph input tool, change the number found in the Quantity Demanded field to determine the prices that correspond to the production of 0, 10,20, 25, 30, 40, and 50 units of output. Calculate the total revenue for each of these production levels. Then, on the following graph, use the greenpoints (triangle symbol) to plot the results.?630567504441378315252189126630PRICE(Dollars per unit)TOTAL REVENUE (Dollars)898 2 2 2 2 2 250454035105100510 15 20 25 30 35QUANTITY (Number of units)4045 50ATotal Revenue TOTAL RE18912663100540 45 5015 20 25 30 35QUANTITY (Number of units)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 20thicedBased 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 10.)-+40Marginal Revenue0 5 1040 45 5015 20 25 30QUANTITY (Units)Comparing your total revenue graph to your marginal revenue graph, you can see that when total revenue is decreasing, marginal revenue isMARGINAL REVENUE (Dollars)80-1010

It is given in the initial diagram that both quantity demanded and demand price are 25. Please find…

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 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 10.) Marginal Revenue 0 5 10 20 25 30 35 40 45 QUANTITY (Units) Comparing your total revenue graph to your marginal revenue graph, you can see that when total revenue is decreasing, marginal revenue is 8 8 8 MARGINAL REVENUE (Dollars) 8 g 0 -10 15

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 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 10.) Marginal Revenue 0 5 10 20 25 30 35 40 45 QUANTITY (Units) Comparing your total revenue graph to your marginal revenue graph, you can see that when total revenue is decreasing, marginal revenue is 8 8 8 MARGINAL REVENUE (Dollars) 8 g 0 -10 15

Microeconomics A Contemporary Intro

10th Edition

ISBN:9781285635101

Author:MCEACHERN

Publisher:MCEACHERN

Chapter5: Elasticity Of Demand And Supply

Section: Chapter Questions

Problem 14PAE

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