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.TOTAL REVENUE (Dollars)3130281725042191187815651252939626313 +0 A0A5 1015 20 25 30 35QUANTITY (Number of units)40 45 50Total RevenueCalculate 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 [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 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 50.)?MARGINAL REVENUE (Dollars)250200150100500-500 5 101520 25 30 35QUANTITY (Units)40 45 50Marginal RevenueComparing your total revenue graph to your marginal revenue graph, you can see that when total revenue is decreasing, marginal revenue is

Total revenue is the revenue earned by selling of the produced quantity at a price. TR=P*Q MR is the…

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 green points (triangle symbol) to plot the results.

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 green points (triangle symbol) to plot the results.

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter3: Demand Analysis

Section: Chapter Questions

Problem 1.4CE

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