☐ Suppose the demand curve is Q=12.5-0.25P. a. What is the marginal revenue curve that corresponds to this demand curve? b. Calculate marginal revenue when Q=6. Calculate marginal revenue when Q=7.
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- The following graph shows the daily demand curve for bippitybops in Detroit. Use the green rectangle (triangle symbols) to compute total revenue at various prices along the demand curve. Note: You will not be graded on any changes made to this graph. PRICE (Dollars per bippitybop) OTAL REVENUE (Dollars) 2400 1600 100 90 1200 80 1000 70 800 60 50 40 30 20 2200 + 10 2000 + 1800 + 0 1400 + Calculate the daily total revenue when the market price is $90, $80, $70, $60, $50, $40, $30, and $20 per bippitybop. Then, use the green point (triangle symbol) to plot the daily total revenue against quantity corresponding to these market prices on the following graph. (?) 0 ** B Demand 80 10 20 30 40 50 60 70 QUANTITY (Bippitybops per day) 90 100 Total Revenue A ? Total RevenueWhat is total revenue,marginal revenue and own elasticity of each row of the table?Refer to the demand schedule below. a. Use the following demand schedule to calculate total revenue and marginal revenue at each quantity. Instructions: Enter your answers rounded to two decimal places. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Quantity Demanded (Q) Price (P) Total Revenue Marginal Revenue $7.00 0.00 6.50 24 6.50 %24 6.50 6.00 12.00 $ 5.50 5.50 %24 16.50 24 4.50 5.00 4. 24 20.00 %24 3.50 4.50 24 22.50 $ 2.50 4.00 %24 24.00 $ 1.50 3.50 %24 24.50 24 0.50 3.00 8. 24.00 24 -0.50 2.50 22.50 24 -1.50 26 Tools 24 TR 22 20 TR D. 18 16 14 12 MR 10 8. 4 D. MR -2 0 1 2 3 4 5 6 7 8 9 10 Quantity Instructions: Enter your answers rounded to two decimal places. For each segment, be sure to enter the highest price first. c. Use Chapter 6's total-revenue test for price elasticity to designate the elastic and inelastic segments of your graphed demand curve. Demand is elastic from a price of $ Demand is inelastic from a…
- Instructions: Enter your answers rounded to two decimal places. For each segment, be sure to enter the highest price first. c. Use Chapter 6's total-revenue test for price elasticity to designate the elastic and inelastic segments of your graphed demand curve. Demand is elastic from a price of $ Demand is inelastic from a price of $ to a price of $ to a price of $ d. In general, when marginal revenue is positive, demand is elastic When marginal revenue is negative, demand is inelastic e. Suppose the marginal cost of successive units of output is zero. What output would the profit-seeking firm produce? (Assume the firm can only produce whole units.)Instructions: Enter your answers rounded to two decimal places. For each segment, be sure to enter the highest price first. c. Use Chapter 6's total-revenue test for price elasticity to designate the elastic and inelastic segments of your graphed demand curve. Demand is elastic from a price of $ Demand is inelastic from a price of $ to a price of $ to a price of $ d. In general, when marginal revenue is positive, demand is elastic When marginal revenue is negative, demand is inelastic e. Suppose the marginal cost of successive units of output is zero. What output would the profit-seeking firm produce? (Assume the firm can only produce whole units.)In this video, Hamida may have made a mistake in identifying the profit/loss area. Identify whether or not she's made a mistake. If she hasn't, mark it as right. If she has, then identify the right profit/loss area. The graph is attached here again for your convenience Costs and revenue $ P2 P₁ Pol 0 W Qy MR MC ATC AVC Demand Quantity Hamida did not make a mistake. There is a loss of (P1-P2)Qy for this monopolistically competitive firm There is a positive profit of (P1-P2)Qy for this monopolistically competitive firm O There is a loss of (P2-PO)Qy for this monopolistically competitive firm
- The following graph represents a total revenue curve that is derived from a particular linear demand curve. If the seller will sell 5 units, his/her total revenue will be $ -------- units, where the price $--- 20 18 16 14 12 10 TR Total Revenue 4 213. Given the demand equation Q= 1,500-200P, calculate all the numbers necessary to fill in the following table: $7.00 6.50 6.00 5.50 5.00 4.50 4.00 3.50 3.00 2.50 e Point Elasticity Arc Total Revenue Marginal RevenueSuppose the demand curve is Qp = 400 - 5P 1) Compute the price elasticity of demand at QD= 15 and at QD= 375 2) Is the point elasticity elastic or inelastic? 3) How much is total revenue at Qò= 15 and at QD= 375 4) Is total revenue maximised? Why? Tip: Use the elasticity to calculate marginal revenue
- Indicate which of the following graphs accurately reflects Crest's demand curve, marginal-revenue (MR) curve, average-total-cost (ATC) curve, and marginal-cost (MC) curve. Price, Cest Revenue Demand X TRO MR ΘΑ OB Quantity of Crest Toothpaste Demand B A ATC MR Quantity of Crest Toothpaste2. The Ice Cream Lovers Society decided to open up an ice cream stand during the summermonths. They calculated that it would cost them $0.80 to make a scoop of ice cream and$350 a month to operate the stand. They hired a research team who determined that theprice-demand function given in dollars isp x x ( ) = −8 0.02wherexis the number ofscoops sold.a. Find the revenue functionR x( )b. Find the value ofxthat produces the maximum revenue algebraically.c. Find the maximum revenue algebraically.d. Find the price per scoop of ice cream that produces the maximum revenuealgebraically.e. Find the cost functionC x( )that describes the monthly costs of operating the icecream stand.f. Find the break-even points to the nearest scoop algebraically usingR x( )andC x( ) .g. Find the profit functionP x( ).The following graph shows the daily demand curve for bippitybops in Chicago. Use the green rectangle (triangle symbols) to compute total revenue at various prices along the demand curve. Note: You will not be graded on any changes made to this graph. Total Revenue 0 8 16 24 32 40 48 56 64 72 80 200 180 160 140 120 100 80 60 40 20 0 PRICE (Dollars per bippitybop) QUANTITY (Bippitybops per day) Demand A B Area: 1280 Calculate the daily total revenue when the market price is $180, $160, $140, $120, $100, $80, $60, and $40 per bippitybop. Then, use the green point (triangle symbol) to plot the daily total revenue against quantity corresponding to these market prices on the following graph. Total Revenue 0 8 16 24 32 40 48 56 64 72 80 3840 3520 3200 2880 2560 2240 1920 1600 1280 960 640 320 0 TOTAL REVENUE (Dollars) QUANTITY (Bippitybops per day) According to the midpoints formula, the price elasticity of demand between points A and B on the initial graph is approximately . Suppose the…