01 May Question: 2. Calculating marginal revenue from a linear demand curve The blue curve on the following graph …
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 200 180 100 140 120+ 00+ 80 60 40 20 10 (Units) (Dolflars per unit) Dolilars per unit100.0 02461012 14 16 1820 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 or o, 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 T Total Revenue 800 500 200 100 0246 10 12 14 16 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 s 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.)
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 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 80 40 02 410 12 14 6 18 20 QUANTITY (Units) Companing your total revenue graph to your marginal revenue graph, you can see that total revenue is marginal revenue is equal to zero. at the output at which Grade It Now Save &Continue Continue without saving
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