Could you please assist me with the points on the graph. The orange line has two points. I think they are at (0,40) and (70,120). I am unsure if this is correct. I also wanted to see if the green line is correct. Thanks! 200180MR160140120MC10080604020102030405060708090100QuantityPrice and cost ($/Unit) The demand function can be expressed algebraically as:P = 200 – 0.ĄQ when 0 50Calculate the marginal revenue (MR) function facing Chillman and plot it on the graph using the green points (triangle symbols). (Hint: Start with(0,200) and end at (70, 0). Use all four points.)Chillman's total cost function isTC = 500 + 40Q+0.5Q²Using the orange line (square symbols), plot the marginal cost curve on the graph.Chillman maximizes profit by selling50 units at a price of$180 per unit.Save & ContinueContinue without saving

We’ve been given inverse demand functions and the total cost function for Chillman. With the use of…

Answered: The demand function can be expressed…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Could you please assist me with the points on the graph. The orange line has two points. I think they are at (0,40) and (70,120). I am unsure if this is correct. I also wanted to see if the green line is correct.

Thanks!

200
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Quantity
Price and cost ($/Unit)

The demand function can be expressed algebraically as:
P = 200 – 0.ĄQ when 0<Q< 50
= 280 – 2Q when Q > 50
Calculate the marginal revenue (MR) function facing Chillman and plot it on the graph using the green points (triangle symbols). (Hint: Start with
(0,200) and end at (70, 0). Use all four points.)
Chillman's total cost function is
TC = 500 + 40Q+0.5Q²
Using the orange line (square symbols), plot the marginal cost curve on the graph.
Chillman maximizes profit by selling
50 units at a price of
$180 per unit.
Save & Continue
Continue without saving

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