CENGAGE | MINDTAP Search this cou Homework (Ch 15) 2. Calculating marginal revenue from a linear 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. Graph Input Tool ? Market for Goods Demanded 10 (Units) Demand Price 100.00 Dollars per unit) 8 8 8 8 8 8 8 8 8 PRICE (Dollars per unit) Demand 10 1 QUANTITY (Units) 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, 4, 8, 10, 12, 16, and 20 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. ? 1000 A Total Revenue TOTAL REVENUE (Dollars) 12 18 20 QUANTITY (Number of units) Calculate the total revenue if the firm produces 4 versus 3 units. Then, calculate the marginal revenue of the fourth unit produced. The marginal revenue of the fourth unit produced is $ 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 $ 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.) 200 160 Marginal Revenue 120 8 MARGINAL REVENUE (Dollars 40 10 12 16 18 20 QUANTITY (Units) Comparing your total revenue graph to your marginal revenue graph, you can see that when total revenue is increasing, marginal revenue is negative equal to zero positive