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 I Quantity Bemanded (Units) 225 25 200 Demand Price (Dollars per unit) 175 125.00 150 125 100 75 Demand 50 25 + O5 10 15 20 25 30 35 40 45 50 QUANTITY (Units) 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. 3130 2817 Total Revenue 2504 2191 + 1878 1565 1252 O 939 626 313 5 10 15 20 25 30 35 40 45 50 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 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 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.) (?) 250 200 Marginal Revenue 150 100 50 50 5 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 when total revenue is decreasing, marginal revenue is MARGINAL REVENUE (D ollas) TO TAL REVENUE (Dollars PRICE (Doll ars per unit
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 I Quantity Bemanded (Units) 225 25 200 Demand Price (Dollars per unit) 175 125.00 150 125 100 75 Demand 50 25 + O5 10 15 20 25 30 35 40 45 50 QUANTITY (Units) 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. 3130 2817 Total Revenue 2504 2191 + 1878 1565 1252 O 939 626 313 5 10 15 20 25 30 35 40 45 50 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 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 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.) (?) 250 200 Marginal Revenue 150 100 50 50 5 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 when total revenue is decreasing, marginal revenue is MARGINAL REVENUE (D ollas) TO TAL REVENUE (Dollars PRICE (Doll ars per unit
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Transcribed Image Text: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
I Quantity
Demanded
(Units)
225
25
200
Demand Price
(Dollars per unit)
125.00
150
125
100
75
Demand
50
25
10
15 20 25 30 35 40
45 50
QUANTITY (Units)
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.
(?
3130
2817
Total Revenue
2504
2191
1878
1565
1252
939
626
313
10
15 20 25
30
35
40
45
50
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
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.)
250
200
Marginal Revenue
100
10
15
20 25
30
35
50
QUANTITY (Units)
Comparing your total revenue graph to your marginal revenue graph, you can see that when total revenue is decreasing, marginal revenue is
MARGINALREVENUE (D ollars)
TO TAL REVENUE (Dollars)
PRICE (Dollars per uni)
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