EBK INTERMEDIATE MICROECONOMICS AND ITS
12th Edition
ISBN: 9781305176386
Author: Snyder
Publisher: YUZU
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Question
Chapter 8, Problem 8.4P
A
To determine
Supposing the given curves and information, plot the given curve functions on a graph.
B
To determine
Define the marginal revenue curve in relation to the given demand curve, and put this curve on the graph.
C
To determine
Find out the marginal level of output where the marginal revenue equals marginal cost.
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Students have asked these similar questions
On the graph input tool, change the number found in the Quantity Demanded field to determine the prices that correspond to the production of 0, 6, 12, 15, 18, 24, and 30 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.
Calculate the total revenue if the firm produces 6 versus 5 units. Then, calculate the marginal revenue of the sixth unit produced.
The marginal revenue of the sixth unit produced is________.
Calculate the total revenue if the firm produces 12 versus 11 units. Then, calculate the marginal revenue of the 12th unit produced.
The marginal revenue of the 12th 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)
o plot the firm's marginal revenue curve on the following graph. (Round all values to the nearest increment of 40.)
MARGINAL REVENUE (Dollars)
200
160
120
80
2
0
-40
0
4
8 12 16 20
24
28
32
36
40
QUANTITY OF OUTPUT (Units)
Marginal Revenue
(?)
Comparing your total revenue graph to your marginal revenue graph, you can see that when total revenue is increasing, marginal revenue is
3. The equation of the monthly demand for cabin bags is given by: 45-p= 0'5q and the
monthly average cost function is: Cme(q) = q²-39'50q+120+¹25, where p ≤ 45 is the
unit price and q are the number of units sold.
3.1 What are the price and quantity that maximize the total profit? How much is this
profit?
3.2 Calculate the marginal income (revenue) of the 20th unit using marginal income
(revenue) and compare it to the actual additional income.
3.3 Calculate the price elasticity of demand for the quantity that maximizes profit and
interpret the result obtained.
Chapter 8 Solutions
EBK INTERMEDIATE MICROECONOMICS AND ITS
Ch. 8.3 - Prob. 1MQCh. 8.3 - Prob. 2MQCh. 8.3 - Prob. 1.1MQCh. 8.3 - Prob. 2.1MQCh. 8.4 - Prob. 1TTACh. 8.4 - Prob. 2TTACh. 8.4 - Prob. 1MQCh. 8.4 - Prob. 2MQCh. 8.5 - Prob. 1TTACh. 8.5 - Prob. 2TTA
Ch. 8.5 - Prob. 1.1TTACh. 8.5 - Prob. 2.1TTACh. 8.5 - Prob. 1MQCh. 8.5 - Prob. 2MQCh. 8 - Prob. 1RQCh. 8 - Prob. 2RQCh. 8 - Prob. 3RQCh. 8 - Prob. 4RQCh. 8 - Prob. 5RQCh. 8 - Prob. 6RQCh. 8 - Prob. 7RQCh. 8 - Prob. 8RQCh. 8 - Prob. 9RQCh. 8 - Prob. 10RQCh. 8 - Prob. 8.1PCh. 8 - Prob. 8.2PCh. 8 - Prob. 8.3PCh. 8 - Prob. 8.4PCh. 8 - Prob. 8.5PCh. 8 - Prob. 8.6PCh. 8 - Prob. 8.7PCh. 8 - Prob. 8.8PCh. 8 - Prob. 8.9PCh. 8 - Prob. 8.10P
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