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The blue curve on the fallowing graph represerts the demand curve facing a firm that can set its own prices. Use the graph input tool to help you answer the following questions. You will not be graded an 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 Tool Market for Goods 250 guantity Bemanded 225 25 200 (Linita) 175 Demand Price 125.00 (Dolars per unit) 150 125 75 Demand 25 •s 10 15 20 s 0 35 0 45 s0 QUANTITY (Unt) On the graph input toal, change the number found in the Quantity Demanded feid to determine the prices that correspond to the production of 0, 10, 20, 25, 30, 40, and 50 units of output Calcuiate the total revenue for each of these praduction leveis. Then, on the fallowing graph, use the green paints (triangie symbal) to plet the resuts. 2017 Total Rrverue 2504 2101 PrECE (Dolan per unit)

The blue curve on the fallowing graph represerts the demand curve facing a firm that can set its own prices. Use the graph input tool to help you answer the following questions. You will not be graded an 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 Tool Market for Goods 250 guantity Bemanded 225 25 200 (Linita) 175 Demand Price 125.00 (Dolars per unit) 150 125 75 Demand 25 •s 10 15 20 s 0 35 0 45 s0 QUANTITY (Unt) On the graph input toal, change the number found in the Quantity Demanded feid to determine the prices that correspond to the production of 0, 10, 20, 25, 30, 40, and 50 units of output Calcuiate the total revenue for each of these praduction leveis. Then, on the fallowing graph, use the green paints (triangie symbal) to plet the resuts. 2017 Total Rrverue 2504 2101 PrECE (Dolan per unit)

Microeconomics: Private and Public Choice (MindTap Course List)
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 11CQ
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The blue curve on the fallowing graph represents the demand curve facing a firm that can set its own prices. 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 Tool Market for Goods 250 225 1guantity 25 "Demanded (inita) 200 Demand Price (Dolars per unitJ 175 125.00 E 150 125 100 75 Damand 50 10 15 20 25 30 35 40 45 s0 QUANTITY (Unta) On the graph input tool, change the number found in the Quantity Demanded feld to determine the prices that correspond to the production of D, 10, 20, 25, 30, 40, and S0 units of output Calculate the total revenue for each of these production leveis. Then, on the fallowing graph, use the green paints (triangie symbol) to plot the resuts. 3130 2017 Total Revenue 2504 2191 SATE 313 15 20 25 30 35 QUANTITY (Nurber of unita) 10 40 45 50 Calculate the total revenue if the firm produces 10 versus 9 units. Then, calculate the marginal revenue of the 20th unit produced. The marginal revenue of the 10th unit produced is 5 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 5 PRRCE (Dolars per unit)
Transcribed Image Text:The blue curve on the fallowing graph represents the demand curve facing a firm that can set its own prices. 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 Tool Market for Goods 250 225 1guantity 25 "Demanded (inita) 200 Demand Price (Dolars per unitJ 175 125.00 E 150 125 100 75 Damand 50 10 15 20 25 30 35 40 45 s0 QUANTITY (Unta) On the graph input tool, change the number found in the Quantity Demanded feld to determine the prices that correspond to the production of D, 10, 20, 25, 30, 40, and S0 units of output Calculate the total revenue for each of these production leveis. Then, on the fallowing graph, use the green paints (triangie symbol) to plot the resuts. 3130 2017 Total Revenue 2504 2191 SATE 313 15 20 25 30 35 QUANTITY (Nurber of unita) 10 40 45 50 Calculate the total revenue if the firm produces 10 versus 9 units. Then, calculate the marginal revenue of the 20th unit produced. The marginal revenue of the 10th unit produced is 5 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 5 PRRCE (Dolars per unit)
Based on your answers from the previous question, and assuming that the marginal revenue curve is a straight ine, use the black Nne (plus symbol) to plot the firm's marginal revenue curve on the following graph. (Round all values to the nearest Increment of 50.) 250 200 Marginal Revenue 150 100 50 -50 10 15 20 25 30 35 40 45 50 QUANTITY (Units) Comparing your total revenue graph to your marginal revenue graph, you can see that total revenue is at the output at which marginal revenue is equal to zero. MARGINAL REVENUE (Dolars)
Transcribed Image Text:Based on your answers from the previous question, and assuming that the marginal revenue curve is a straight ine, use the black Nne (plus symbol) to plot the firm's marginal revenue curve on the following graph. (Round all values to the nearest Increment of 50.) 250 200 Marginal Revenue 150 100 50 -50 10 15 20 25 30 35 40 45 50 QUANTITY (Units) Comparing your total revenue graph to your marginal revenue graph, you can see that total revenue is at the output at which marginal revenue is equal to zero. MARGINAL REVENUE (Dolars)
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