Answered step by step
Verified Expert Solution
Question
1 Approved Answer
a Homework: Chapter 15 Carcasating marginal revenue from a mar demand curve The blue curve on the following graph represents the demand curve facing a
a Homework: Chapter 15 Carcasating marginal revenue from a mar demand curve The blue curve on the following graph represents the demand curve facing a firm that can set its own prices. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly PRICE (Dollars per unit 82 Graph Input Tool Market for Goods Quantity Demanded 25 (b) Demand Price: 50.00 (Dollars per unit) Q Search this course C Aplia Homework: Chapter 15 On the previous graph, change the number found in the Quantity Demanded field to determine the prices that correspond to the production of 0, 10, 20, 25, 30, 40, or 50 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 (Do 1200 1129 1000 750 129 A Total Revenue plia Homework: Chapter 15 Calculate the total revenue if the firm produces 10 versus 9 units. Then, calculate the marginal revenue of the 10th unit produced. The marginal revenue of the 10th unit produced is $62 Calculate the total revenue if the firm produces 20 versus 19 units. Then, calculate the marginal revenue of the 20th unit produced. The marginal revenue of the 20th unit produced is MARGINAL REVENUE (Delan Aplia Homework: Chapter 15 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 20.) 20 20 QUANTITY (UN Marginal Revenue Comparing your total-revenue graph to your marginal-revenue graph, you can see that when total revenue is increasing, marginal revenue is
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started