Homework Answers
Answer : Based on given diagram when quantity is 3 then price is 6 and when quantity is 4 then price is 5.
Total revenue for 3 units = Price * Quantity = 6 * 3 = $18.
Total revenue for 4 units = 5 * 4 = $20.
Marginal revenue = Changes in total revenue / Changes in quantity
Marginal revenue at 4 units = (20 - 18) / (4 - 3) = 2 / 1 = $2 .
Therefore, here "the marginal revenue from going from 3 to 4 units" is $2.
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Consider the graph below. What is the marginal revenue from going from 3 units to 4?...
2. Calculating marginal revenue from a linear demand curve The blue curve on the following graph...
2. Calculating marginal revenue from a linear demand curve The blue curve on the following graph represents the demand curve facing a firm that can set its own prices. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. Graph Input Tool...
Consider total cost and total revenue, given in the following table: In the final column, enter...
Consider total cost and total revenue, given in the following
table:
In the final column, enter profit for each quantity.
(Note: If the firm suffers a loss, enter a
negative number in the appropriate cell.)
Quantity
Total Cost
Marginal Cost
Total Revenue
Marginal Revenue
Profit
(Dollars)
(Dollars)
(Dollars)
(Dollars)
(Dollars)
0
6
0
1
8
7
2
10
14
3
13
21
4
17
28
5
24
35
6
32
42
7
42
49
In order to maximize profit, how...
Consider a monopolist facing Demand and with Marginal Costs and Marginal Revenue as illustrated below. To maximize prof...
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1. The graph below shows marginal cost, marginal revenue, and average total cost for a company...
1. The graph below shows marginal cost, marginal revenue, and average total cost for a company operating in a perfectly competitive market. In the short-run, the company maximizes profit by producing at point E. Is the company productively efficient? Explain. 16 Marginal cost 14 12 10 Marginal Cost/Marginal Revenue ($) 8 6 E Average cost Marginal revenue 4 2 C' 0 0 20 40 100 120 140 60 80 Quantity
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...
The Marginal Revenue/ Quantity MUST be a straight line 2. Calculating marginal revenue from a linear...
The Marginal Revenue/ Quantity MUST be a straight line
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...
Consider total cost and total revenue given in the table below:
. Consider total cost and total revenue given in the table below:QUANTITY 0 1 2 3 4 5 6 7Total cost $8 $9 $10 $11 $13 $19 $27 $37Total revenue 0 8 16 24 32 40 48 56a. Calculate profit for each quantity. How much should the firm produce to maximize profit?b. Calculate marginal revenue and marginal cost for each quantity. Graph them. (Hint: Put the points between whole numbers. For example, the marginal cost between 2 and 3 should...
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.On the graph input tool, change the...
Refer to the graph below: Price (Dollars) 6,000 Quantity Marginal revenue is zero at Q= 0 1,00 units O O 3,000 units 6,...
Refer to the graph below: Price (Dollars) 6,000 Quantity Marginal revenue is zero at Q= 0 1,00 units O O 3,000 units 6,000 units 2,000 units
If the profit-maximizing output for the monopoly firm below is Q=4, what is the marginal revenue...
If the profit-maximizing output for the monopoly firm below is Q=4, what is the marginal revenue at Q=4? Quantity Q Marginal Revenue MR Marginal Cost MC Marginal Profit MP 1 1,250 500 750 2 1,000 250 750 3 650 200 450 4 ? 175 0 5 0 250 −250
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...
Consider total cost and total revenue, given in the following
table:
In the final column, enter profit for each quantity.
(Note: If the firm suffers a loss, enter a
negative number in the appropriate cell.)
Quantity
Total Cost
Marginal Cost
Total Revenue
Marginal Revenue
Profit
(Dollars)
(Dollars)
(Dollars)
(Dollars)
(Dollars)
0
6
0
1
8
7
2
10
14
3
13
21
4
17
28
5
24
35
6
32
42
7
42
49
In order to maximize profit, how...
1. The graph below shows marginal cost, marginal revenue, and average total cost for a company operating in a perfectly competitive market. In the short-run, the company maximizes profit by producing at point E. Is the company productively efficient? Explain. 16 Marginal cost 14 12 10 Marginal Cost/Marginal Revenue ($) 8 6 E Average cost Marginal revenue 4 2 C' 0 0 20 40 100 120 140 60 80 Quantity
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...
The Marginal Revenue/ Quantity MUST be a straight line
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...
Refer to the graph below: Price (Dollars) 6,000 Quantity Marginal revenue is zero at Q= 0 1,00 units O O 3,000 units 6,000 units 2,000 units
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