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.) 200 160 Marginal Revenue 120 80 40 -40 6 8 QUANTITY (Units) 2 4 10 12 14 16 18 20 Comparing your total revenue graph to your marginal revenue graph, you can see that when total revenue is decreasing, marginal revenue is MARGINAL REVENUE (Dollars)
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.) 200 160 Marginal Revenue 120 80 40 -40 6 8 QUANTITY (Units) 2 4 10 12 14 16 18 20 Comparing your total revenue graph to your marginal revenue graph, you can see that when total revenue is decreasing, marginal revenue is MARGINAL REVENUE (Dollars)
Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
ChapterA: Working With Diagrams
Section: Chapter Questions
Problem 9QP
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