The blue curve on the following graph represents the demand curve facing a firm that can set its own prices. 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. PRICE (Dollars per unit) TOTAL REVENUE (Dollars) 50 45 40 35 30 25 20 15 10 + 5 + 0 0 630 567 504 441 378 315 252 189 126 63 + 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. + 0 5 0 Demand 5 10 15 20 25 30 35 QUANTITY (Units) 40 45 50 30 35 40 10 15 20 25 QUANTITY OF OUTPUT (Number of units) 45 Graph Input Tool 50 Market for Goods Quantity Demanded (Units) Demand Price (Dollars per unit) Total Revenue 25 ? 25.00 (?)
The blue curve on the following graph represents the demand curve facing a firm that can set its own prices. 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. PRICE (Dollars per unit) TOTAL REVENUE (Dollars) 50 45 40 35 30 25 20 15 10 + 5 + 0 0 630 567 504 441 378 315 252 189 126 63 + 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. + 0 5 0 Demand 5 10 15 20 25 30 35 QUANTITY (Units) 40 45 50 30 35 40 10 15 20 25 QUANTITY OF OUTPUT (Number of units) 45 Graph Input Tool 50 Market for Goods Quantity Demanded (Units) Demand Price (Dollars per unit) Total Revenue 25 ? 25.00 (?)
Chapter1A: Appendix: Working With Graphs
Section: Chapter Questions
Problem 1E
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I'm not sure how to graph this question.
Transcribed Image Text: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 $
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 10.)
MARGINAL REVENUE (Dollars)
50
40
30
20
10
0
-10
0
5
10 15 20 25 30 35
QUANTITY OF OUTPUT (Units)
40
45 50
Marginal Revenue
(?)
Comparing your total revenue graph to your marginal revenue graph, you can see that when total revenue is increasing, marginal revenue
Transcribed Image Text:The blue curve on the following graph represents the demand curve facing a firm that can set its own prices.
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.
PRICE (Dollars per unit)
TOTAL REVENUE (Dollars)
50
45
40
35
30
25
20
15
10
5
0
630
0
567
504
441
378
315
252
189
126
63
+
+
0
+
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.
5
Demand
10 15 20 25 30 35 40
QUANTITY (Units)
45 50
0 5 10 15 20 25 30 35 40
QUANTITY OF OUTPUT (Number of units)
45
Graph Input Tool
50
Market for Goods
Quantity
Demanded
(Units)
Demand Price
(Dollars per unit)
A
Total Revenue
25
(?)
25.00
(?)
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