# Total Revenue700L 600Z 500O 3000 2 8 10 12 14 118 20QUANTITY (Number of units)Calculate the total revenue if the firm produces 4 versus 3 units. Then, calculate the marginal revenue of the fourth unit producedThe 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 producedThe marginal revenue of the eighth 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 40.)Marginal Revenue1200 2 810 12 141 18 20QUANTITY (Units)Comparing your total revenue graph to your marginal revenue graph, you can see that when total revenue is decreasing, marginal revenue isnegative ▼

Question

Need help with calculating the total revenue and graphing. It's the questions with a red star next to them. Thanks in advance!

Step 1

The graph you\'ve posted will probably give you total revenues figures more accurately if you just hover the cursor over the graph for each unit value. I have, however, made a table as per my estimation. This should help you approach the question if the table values don\'t match.

Step 2

Marginal revenue is the additional revenue earned for every additional unit. It can be calculated by taking the difference of 2 consecutive total revenues ( for 2 consecutive units).  Marginal Revenue for the 4th unit and the eight unit is 200 and 100 repectively as can be seen from the table.

Now, the char...

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