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________.
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________.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
100%
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________.
Transcribed Image Text:Graph Input Tool
Market for Goods
200
180
I Quantity
Demanded
(Units)
10
160
Demand Price
(Dollars per unit)
140
100.00
120
100
80
60
Demand
40
20
+
0 2
4
6
8
10
12
14
16
18
20
QUANTITY (Units)
PRICE (Dollars per unit)
Transcribed Image Text: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, 4,
8, 10, 12, 16, and 20 units of output. Calculate the total revenue for each of these production levels. Then, on the following graph, use the green
points (triangle symbol) to plot the results.
1000
900
Total Revenue
800
700
600
500
400
300
200
100
2
4
6
10
12
14
16
18
QUANTITY (Number of units)
TOTAL REVENUE (Dollars)
20
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