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PRICE (Dollars per unit) 12 QUANTITY (Units) Demand Graph Input Tool Market for Goods Quantity Demanded (Units) Demand Price (Dollars per unit) 100.00 On the previous graph, change the number found in the Quantity Demanded field to determine the prices that correspond to the production of 0, 8, 16, 20, 24, 32, or 40 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 1800 1000 800 800 400 200 12 QUANTITY OF OUTPUT (Number of units) Total Revenue 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 Calculate the total revenue if the firm produces 16 versus 15 units. Then, calculate the marginal revenue of the 16th unit produced. The marginal revenue of the 16th 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.) QUANTITY OF OUTPUT (Units) Marginal Revenue Comparing your total revenue graph to your marginal revenue graph, you can see that total revenue is marginal revenue is equal to zero. at the output at which

PRICE (Dollars per unit) 12 QUANTITY (Units) Demand Graph Input Tool Market for Goods Quantity Demanded (Units) Demand Price (Dollars per unit) 100.00 On the previous graph, change the number found in the Quantity Demanded field to determine the prices that correspond to the production of 0, 8, 16, 20, 24, 32, or 40 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 1800 1000 800 800 400 200 12 QUANTITY OF OUTPUT (Number of units) Total Revenue 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 Calculate the total revenue if the firm produces 16 versus 15 units. Then, calculate the marginal revenue of the 16th unit produced. The marginal revenue of the 16th 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.) QUANTITY OF OUTPUT (Units) Marginal Revenue Comparing your total revenue graph to your marginal revenue graph, you can see that total revenue is marginal revenue is equal to zero. at the output at which

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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PRICE (Dolars per unit) 200 120 80 Demand 12 16 20 24 28 32 40 QUANTITY (Units) Graph Input Tool Market for Goods Quantity Demanded (Units) Demand Price (Dollars per unit) 20 100.00 On the previous graph, change the number found in the Quantity Demanded field to determine the prices that correspond to the production of 0, 8, 16, 20, 24, 32, or 40 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. 2000 1800 1400 1200 800 200 ° 4 " 12 16 20 QUANTITY OF OUTPUT (Number of units) 24 22 3 40 Total Revenue 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 $ Calculate the total revenue if the firm produces 16 versus 15 units. Then, calculate the marginal revenue of the 16th unit produced. The marginal revenue of the 16th 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.) 12 16 20 24 28 32 QUANTITY OF OUTPUT (Units) Marginal Revenue Comparing your total revenue graph to your marginal revenue graph, you can see that total revenue is marginal revenue is equal to zero. at the output at which
Transcribed Image Text:PRICE (Dolars per unit) 200 120 80 Demand 12 16 20 24 28 32 40 QUANTITY (Units) Graph Input Tool Market for Goods Quantity Demanded (Units) Demand Price (Dollars per unit) 20 100.00 On the previous graph, change the number found in the Quantity Demanded field to determine the prices that correspond to the production of 0, 8, 16, 20, 24, 32, or 40 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. 2000 1800 1400 1200 800 200 ° 4 " 12 16 20 QUANTITY OF OUTPUT (Number of units) 24 22 3 40 Total Revenue 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 $ Calculate the total revenue if the firm produces 16 versus 15 units. Then, calculate the marginal revenue of the 16th unit produced. The marginal revenue of the 16th 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.) 12 16 20 24 28 32 QUANTITY OF OUTPUT (Units) Marginal Revenue Comparing your total revenue graph to your marginal revenue graph, you can see that total revenue is marginal revenue is equal to zero. at the output at which
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