MARGINAL REVENUE (Dollars) Calculate the total revenue if the firm produces 2 versus 1 units. Then, calculate the marginal revenue of the second unit produced. The marginal revenue of the second unit produced is $ 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 $ 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. 200 180 160 140 120 100 80 40 20 0 Origi Marginal Revenue Cancer Create 4, 5, 6, 8, and 10 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. TOTAL REVENUE (Dollars) 500 450 400 300 250 200 150 100 ༔ ཧྭ ༔ ༔ ༔་༔་༔༞༄ 8 50 0 A 0 1 2 3 4 5 6 7 8 9 10 QUANTITY (Number of units) Total Revenue ? Calculate the total revenue if the firm produces 2 versus 1 units. Then, calculate the marginal revenue of the second unit produced. The marginal revenue of the second unit produced is $
MARGINAL REVENUE (Dollars) Calculate the total revenue if the firm produces 2 versus 1 units. Then, calculate the marginal revenue of the second unit produced. The marginal revenue of the second unit produced is $ 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 $ 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. 200 180 160 140 120 100 80 40 20 0 Origi Marginal Revenue Cancer Create 4, 5, 6, 8, and 10 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. TOTAL REVENUE (Dollars) 500 450 400 300 250 200 150 100 ༔ ཧྭ ༔ ༔ ༔་༔་༔༞༄ 8 50 0 A 0 1 2 3 4 5 6 7 8 9 10 QUANTITY (Number of units) Total Revenue ? Calculate the total revenue if the firm produces 2 versus 1 units. Then, calculate the marginal revenue of the second unit produced. The marginal revenue of the second unit produced is $
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Transcribed Image Text:MARGINAL REVENUE (Dollars)
Calculate the total revenue if the firm produces 2 versus 1 units. Then, calculate the marginal revenue of the second unit produced.
The marginal revenue of the second unit produced is $
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 $
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.
200
180
160
140
120
100
80
40
20
0
Origi
Marginal Revenue
Cancer
Create
Transcribed Image Text:4, 5, 6, 8, and 10 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.
TOTAL REVENUE (Dollars)
500
450
400
300
250
200
150
100
༔ ཧྭ ༔ ༔ ༔་༔་༔༞༄ 8
50
0 A
0
1
2
3
4
5
6
7
8
9
10
QUANTITY (Number of units)
Total Revenue
?
Calculate the total revenue if the firm produces 2 versus 1 units. Then, calculate the marginal revenue of the second unit produced.
The marginal revenue of the second unit produced is $
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