Homework Help is Here – Start Your Trial Now!
Business
Economics
(a) Fill in the table below. Instructions: Round your answers to the nearest whole number. Total Marginal Revenue Total Output Price ATC MC Revenue $4 Cost 1 $19 $25 18 40 17 50 4 16 58 15 65 14 74 7 13 87

(a) Fill in the table below. Instructions: Round your answers to the nearest whole number. Total Marginal Revenue Total Output Price ATC MC Revenue $4 Cost 1 $19 $25 18 40 17 50 4 16 58 15 65 14 74 7 13 87

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
See similar textbooks
icon
Related questions
Question
**Exercise: Microeconomics Table and Graphing** (a) **Task: Complete the table below.** **Instructions:** Round your answers to the nearest whole number. | Output | Price | Total Revenue | Marginal Revenue | Total Cost | ATC | MC | |--------|-------|---------------|------------------|------------|-----|-----| | 1 | $19 | | | $25 | | | | 2 | 18 | | | 40 | | | | 3 | 17 | | | 50 | | | | 4 | 16 | | | 58 | | | | 5 | 15 | | | 65 | | | | 6 | 14 | | | 74 | | | | 7 | 13 | | | 87 | | | (b) **Task: Draw a graph of the firm’s demand, marginal revenue, marginal cost, and average total cost curves.** **Instructions:** Use the graphing tools provided to plot the demand (D), marginal revenue (MR), marginal cost (MC), and average total cost (ATC) curves. Plot 7 points each for D, MR, and ATC. Plot 6 points for MC. **Graph Explanation:** - **Demand Curve (D):** Illustrates the relationship between the price of the product and the quantity demanded. Typically slopes downward. - **Marginal Revenue Curve (MR):** Represents the additional revenue generated from selling one more unit of the product. In many cases, this may coincide with or lie below the demand curve. - **Marginal Cost Curve (MC):** Shows the cost of producing one additional unit of the product. This curve usually slopes upward. - **Average Total Cost Curve (ATC):** Portrays the average cost per unit at different levels of output. Often U-shaped, reflecting economies and diseconomies of scale. **Note:** Use the data in the table to calculate and fill in missing values before plotting each curve accurately on the graph.
Transcribed Image Text:**Exercise: Microeconomics Table and Graphing** (a) **Task: Complete the table below.** **Instructions:** Round your answers to the nearest whole number. | Output | Price | Total Revenue | Marginal Revenue | Total Cost | ATC | MC | |--------|-------|---------------|------------------|------------|-----|-----| | 1 | $19 | | | $25 | | | | 2 | 18 | | | 40 | | | | 3 | 17 | | | 50 | | | | 4 | 16 | | | 58 | | | | 5 | 15 | | | 65 | | | | 6 | 14 | | | 74 | | | | 7 | 13 | | | 87 | | | (b) **Task: Draw a graph of the firm’s demand, marginal revenue, marginal cost, and average total cost curves.** **Instructions:** Use the graphing tools provided to plot the demand (D), marginal revenue (MR), marginal cost (MC), and average total cost (ATC) curves. Plot 7 points each for D, MR, and ATC. Plot 6 points for MC. **Graph Explanation:** - **Demand Curve (D):** Illustrates the relationship between the price of the product and the quantity demanded. Typically slopes downward. - **Marginal Revenue Curve (MR):** Represents the additional revenue generated from selling one more unit of the product. In many cases, this may coincide with or lie below the demand curve. - **Marginal Cost Curve (MC):** Shows the cost of producing one additional unit of the product. This curve usually slopes upward. - **Average Total Cost Curve (ATC):** Portrays the average cost per unit at different levels of output. Often U-shaped, reflecting economies and diseconomies of scale. **Note:** Use the data in the table to calculate and fill in missing values before plotting each curve accurately on the graph.
### Graph Explanation for Educational Use #### Graph Overview This is a blank economic graph template with labeled axes ready for plotting curves typically used in microeconomics. #### Axes - **Horizontal Axis (X-Axis):** Labeled "Quantity," ranging from 0 to 8. - **Vertical Axis (Y-Axis):** Labeled "Price ($)," ranging from 0 to 26. #### Tools for Plotting Curves On the right side of the graph, there is a "Tools" section that allows the user to plot different economic curves: 1. **D (Demand Curve):** Represented by a slanted line. 2. **MR (Marginal Revenue Curve):** Represented by a green line. 3. **MC (Marginal Cost Curve):** Represented by a blue line. 4. **ATC (Average Total Cost Curve):** Represented by a red line. Each button corresponds to a different curve, which can be added to the graph to analyze relationships between price, quantity, and costs in various market structures. #### Additional Features Below the tools, there are buttons for refreshing and navigating through potential iterations of the graph. These can be used to reset or modify the curves plotted. This graph can be utilized to study concepts such as pricing, market equilibrium, and output levels within economic models.
Transcribed Image Text:### Graph Explanation for Educational Use #### Graph Overview This is a blank economic graph template with labeled axes ready for plotting curves typically used in microeconomics. #### Axes - **Horizontal Axis (X-Axis):** Labeled "Quantity," ranging from 0 to 8. - **Vertical Axis (Y-Axis):** Labeled "Price ($)," ranging from 0 to 26. #### Tools for Plotting Curves On the right side of the graph, there is a "Tools" section that allows the user to plot different economic curves: 1. **D (Demand Curve):** Represented by a slanted line. 2. **MR (Marginal Revenue Curve):** Represented by a green line. 3. **MC (Marginal Cost Curve):** Represented by a blue line. 4. **ATC (Average Total Cost Curve):** Represented by a red line. Each button corresponds to a different curve, which can be added to the graph to analyze relationships between price, quantity, and costs in various market structures. #### Additional Features Below the tools, there are buttons for refreshing and navigating through potential iterations of the graph. These can be used to reset or modify the curves plotted. This graph can be utilized to study concepts such as pricing, market equilibrium, and output levels within economic models.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Multiple Equilibria
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
Economics
ISBN:
9780190931919
Author:
NEWNAN
Publisher:
Oxford University Press
Principles of Economics (12th Edition)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS