Market for Goods 150 135 1Quantity Demanded 25 (Units) 120 Demand Price (Dollars per unit) 105 75.00 90 75 60 45 Demand 30 15 S 10 15 20 25 30 35 40 45 50 QUANTITY (Units) On the previous graph, 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, or 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. 1880 1602 Total Revenue 1504 1316 1128 940 702 376 188 10 15 20 25 30 35 40 45 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 TOTAL REVENUE (Dolars) PRICE (Dolars per unit)

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
Market for Goods
150
1 Quantity
Demanded
135
25
120
(Units)
105
Demand Price
75.00
(Dollars per unit)
90
75
60
45
Demand
30
15
0 5
10 15 20 25 30 35 40
45 50
QUANTITY (Units)
On the previous graph, 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, or 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.
1880
1692
Total Revenue
1504
1316
1128
940
752
564
376
188
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
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
TOTAL REVENUE (Dollars)
PRICE (Dollars per unit)
Transcribed Image Text:Market for Goods 150 1 Quantity Demanded 135 25 120 (Units) 105 Demand Price 75.00 (Dollars per unit) 90 75 60 45 Demand 30 15 0 5 10 15 20 25 30 35 40 45 50 QUANTITY (Units) On the previous graph, 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, or 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. 1880 1692 Total Revenue 1504 1316 1128 940 752 564 376 188 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 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 TOTAL REVENUE (Dollars) PRICE (Dollars per unit)
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