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Graph Input Tool ? Market for Goods Quantity 10 Demanded 70 Demand Price 50 00 [Dollars per unit) PRICE (Dollars per unit) 40 10 Demand
Graph Input Tool ? Market for Goods Quantity 10 Demanded 70 Demand Price 50 00 [Dollars per unit) PRICE (Dollars per unit) 40 10 Demand 10 QUANTITY [Unis]on the graph input cool, change the number found in the Quantity Demanded held 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. Total Revenue 101 TOTAL REVENUE (Dollars) 301 151 10 10 12 4 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 SCalculate 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 S Based on your answers from the previous question, and assuming that the marginal revenue curve is a straight line, use the black lee (pius symbol) to plot the Arm's marginal revenue curve on the following graph. (?) Marginal Revenue TO MARGINAL REVENUE (Dollars) 20 10 12 QUANTITY (Unis) Comparing your total revenue graph to your marginal revenue graph, you can see that when total revenue is increasing, marginal revenue is
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