Market for Goods1501 QuantityDemanded13525120(Units)105Demand Price75.00(Dollars per unit)90756045Demand30150 510 15 20 25 30 35 4045 50QUANTITY (Units)On the previous graph, 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, or 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.18801692Total Revenue150413161128940752564376188101520253035404550QUANTITY (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 isCalculate 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 isTOTAL REVENUE (Dollars)PRICE (Dollars per unit)

We will calculate total revenue and marginal revenue to answer this question.

Market for Goods 150 135 1Quantity Demanded 25 (Units) 120 Demand Price (Dollars per unit) 105 75.00 90 75 60 45 Demand 30 15 S 10 15 20 25 30 35 40 45 50 QUANTITY (Units) On the previous graph, 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, or 50 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. 1880 1602 Total Revenue 1504 1316 1128 940 702 376 188 10 15 20 25 30 35 40 45 QUANTITY (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 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 TOTAL REVENUE (Dolars) PRICE (Dolars per unit)

Market for Goods 150 135 1Quantity Demanded 25 (Units) 120 Demand Price (Dollars per unit) 105 75.00 90 75 60 45 Demand 30 15 S 10 15 20 25 30 35 40 45 50 QUANTITY (Units) On the previous graph, 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, or 50 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. 1880 1602 Total Revenue 1504 1316 1128 940 702 376 188 10 15 20 25 30 35 40 45 QUANTITY (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 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 TOTAL REVENUE (Dolars) PRICE (Dolars per unit)

Microeconomics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506893

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter9: Price Takers And The Competitive Process

Section: Chapter Questions

Problem 14CQ

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