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Please answer all the questions The blue curve on the following graph represents the demand curve facing a firm that can set its own prices.
Please answer all the questions
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 the white field, the graph and any corresponding amounts in each grey field will change accordingly. Graph Input Tool @ Market for Goods [ Quantit Demanded (Units) Demand Price (Dollars per unit) 25.00 PRICE (Dallars per unit) Demand 0 &5 10 15 20 25 30 35 40 45 5D QUANTITY (Units) On the preceding 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. @ A Total Revenue 315 + 252 + 189 + TOTAL REVENUE (Dollars) 126 + 63 T QUANTITY (Number of units) 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 . 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 . 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 multiple of 10.) Note: Marginal revenue is ordinarily plotted between integers; in this problem, you will plot MR right at integer values. When the distance from one unit to the next is very smallas in this graphthere is no noticeable difference in the two plotting methods. 50 T 40+ Marginal Revenue o @ 30 T a w o & O o2 it} [id =Step by Step Solution
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