Total Revenue 700 L 600 Z 500 O 300 0 2 8 10 12 14 118 20 QUANTITY (Number of units) 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 $ 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 Revenue 120 0 2 810 12 141 18 20 QUANTITY (Units) Comparing your total revenue graph to your marginal revenue graph, you can see that when total revenue is decreasing, marginal revenue is negative ▼

Total Revenue 700 L 600 Z 500 O 300 0 2 8 10 12 14 118 20 QUANTITY (Number of units) 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 $ 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 Revenue 120 0 2 810 12 141 18 20 QUANTITY (Units) Comparing your total revenue graph to your marginal revenue graph, you can see that when total revenue is decreasing, marginal revenue is negative ▼

Principles of Economics (MindTap Course List)

8th Edition

ISBN:9781305585126

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter15: Monopoly

Section: Chapter Questions

Problem 8PA

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