Homework Answers
The slope of Total Revenue (TR) curve is the Marginal Revenue (MR). MR is the addition made to the TR when an additional unit of output is sold. MR is calculated by differentiating the TR with respect to the quantity. At choice A, MR is undefined since there is no addition made to the total output sold. At choice B, MR is (36000-0)/(80-0) = 450. At choice D, MR is (36000-48000)/(240-160) = -150.
It is plotted as:
Therefore, the total revenue curve reaches its maximum at the quantity of 160 air conditioners per day. At this point, the slope of the total revenue curve is (48000-36000)/(160-80) = 150.
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Quantity (Air conditioners per year) Total Revenue (P xQ) so 36,000 $48,000 $36,000 so Choice (Dollars...
The total revenue curve reaches its maximum at a quantity of(200, 100, 300, 400) air...
The total revenue curve reaches its maximum at a quantity of(200, 100, 300, 400) air conditioners per year. At
this point, the slope of the total revenue curve is(negative, equal to zero, at it's maximium, positive, at
it's minimum)This problem gives you a preview of something you might see in a microeconomics class. Suppose there's an appliance store that sells air conditioners. It could set its price high and sell very few air conditioners, or it could set its price...
Using the information on the slope of the lines tangent to the total revenue curve at points B and D, plot the slope of the total revenue curve on the graph below.
This problem gives you a preview of something you might see in a microeconomics class. Suppose there's an appliance store that sells air conditioners. It could set its price high and sell very few air conditioners, or it could set its price low and sell many more air conditioners. The following table shows some possible choices this store could make:The graph below plots the firm's "total revenue" curve: that is, the relationship between quantity and total revenue given by the...
Refresh Your Math&Graphing Skills ollewing ta ole shows some possible choices this store could make Quantity...
Refresh Your Math&Graphing Skills ollewing ta ole shows some possible choices this store could make Quantity (Air conditioners per year) Total Revenue (Px Q) (Dollars per year) Price (Dollars per air conditioner) 400 300 200 100 100 30,000 40,000 30,000 200 400 ph below plots the fem's total revenue curve: that is, the relationship between quantiy and total revenue given by the two right n the table above. The five choices are also labeled. Finally, two black lines are shown;...
Using the information on the slope of the lines tangent to the curve at points B...
Using the information on the slope of the lines tangent to the curve at points B and D, plot the slope of the total revenue curve on the graph below. (As it turns out, it's a straight line, so the two points you plot will determine a line.) The total revenue curve reaches its maximum at a quantity of _______ dishwashers per year. At this point, the slope of the total revenue curve is _______ .
4. Elasticity and total revenue The following graph shows the daily demand curve for bippitybops in...
4. Elasticity and total revenue The following graph shows the daily demand curve for bippitybops in Dallas. 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. 240 Total Revenue 200 180 140 120 O 100 0 60 40 20 0 18 27 3 45 54 63 72 90 99 108 QUANTITY (Bippitybops) On the following graph, use the green...
Refer to the table below. Quantity Cost (in dollars) Fixed Costs (in dollars) Total Costs...
Refer to the table below. Quantity Cost (in dollars) Fixed Costs (in dollars) Total Costs (in dollars) Average Total Costs (in dollars per unit) Average Variable Costs (in dollars per unit) Marginal Costs (in dollars per unit) 0 0 40 40 - - - - - - 1 1 40 55 15 55 15 2 35 40 75 17.5 37.5 20 3 60 40 100 20 33.3 25 4 90 40 130 22.5 32.5 30 5 125 40 155...
Total Revenue PRICE (Dollars per bike) O HAHAHAHA 9 18 27 36 45 54 63 QUANTITY...
Total Revenue PRICE (Dollars per bike) O HAHAHAHA 9 18 27 36 45 54 63 QUANTITY (Bikes) Demand 81 90 99 72 108 On the following graph, use the green point (triangle symbol) to plot the annual total revenue when the market price is $50, $75, $100, $125, $150, $175, and $200 per bike. Total Revenue TOTAL REVENUE (Dollars) 3060 + 0 25 50 225 250 275 300 75 100 125 150 175 200 PRICE (Dollars per bike) According to...
Fill in the remaining cells of the following table. Quantity (Pairs) Total Cost (Dollars) Marginal Cost...
Fill in the remaining cells of the following table. Quantity (Pairs) Total Cost (Dollars) Marginal Cost (Dollars) Fixed Cost (Dollars) Variable Cost (Dollars) Average Variable Cost (Dollars per pair) Average Total Cost (Dollars per pair) On the following graph, plot Douglas Fur's average total cost (ATC) curve using the green points (triangle symbol). Next, plot its average variable cost (AVC) curve using the purple points (diamond symbol). Finally, plot its marginal cost (MC) curve using the orange points (square symbol)....
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...
Average Total Cost (Dollars per bike) Q = 150 Q = 200 Number of Factories Q...
Average Total Cost (Dollars per bike) Q = 150 Q = 200 Number of Factories Q = 50 220 310 120 160 = 100 140 190 240 = 250 240 190 140 Q = 300 400 310 220 120 400 120 160 120 Suppose Ike's Bikes is currently producing 300 bikes per month in its only factory. Its short-run average total cost is per bike. Suppose Ike's Bikes is expecting to produce 300 bikes per month for several years. In...
The total revenue curve reaches its maximum at a quantity of(200, 100, 300, 400) air conditioners per year. At
this point, the slope of the total revenue curve is(negative, equal to zero, at it's maximium, positive, at
it's minimum)This problem gives you a preview of something you might see in a microeconomics class. Suppose there's an appliance store that sells air conditioners. It could set its price high and sell very few air conditioners, or it could set its price...
Refresh Your Math&Graphing Skills ollewing ta ole shows some possible choices this store could make Quantity (Air conditioners per year) Total Revenue (Px Q) (Dollars per year) Price (Dollars per air conditioner) 400 300 200 100 100 30,000 40,000 30,000 200 400 ph below plots the fem's total revenue curve: that is, the relationship between quantiy and total revenue given by the two right n the table above. The five choices are also labeled. Finally, two black lines are shown;...
4. Elasticity and total revenue The following graph shows the daily demand curve for bippitybops in Dallas. 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. 240 Total Revenue 200 180 140 120 O 100 0 60 40 20 0 18 27 3 45 54 63 72 90 99 108 QUANTITY (Bippitybops) On the following graph, use the green...
Total Revenue PRICE (Dollars per bike) O HAHAHAHA 9 18 27 36 45 54 63 QUANTITY (Bikes) Demand 81 90 99 72 108 On the following graph, use the green point (triangle symbol) to plot the annual total revenue when the market price is $50, $75, $100, $125, $150, $175, and $200 per bike. Total Revenue TOTAL REVENUE (Dollars) 3060 + 0 25 50 225 250 275 300 75 100 125 150 175 200 PRICE (Dollars per bike) According to...
Fill in the remaining cells of the following table. Quantity (Pairs) Total Cost (Dollars) Marginal Cost (Dollars) Fixed Cost (Dollars) Variable Cost (Dollars) Average Variable Cost (Dollars per pair) Average Total Cost (Dollars per pair) On the following graph, plot Douglas Fur's average total cost (ATC) curve using the green points (triangle symbol). Next, plot its average variable cost (AVC) curve using the purple points (diamond symbol). Finally, plot its marginal cost (MC) curve using the orange points (square symbol)....
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...
Average Total Cost (Dollars per bike) Q = 150 Q = 200 Number of Factories Q = 50 220 310 120 160 = 100 140 190 240 = 250 240 190 140 Q = 300 400 310 220 120 400 120 160 120 Suppose Ike's Bikes is currently producing 300 bikes per month in its only factory. Its short-run average total cost is per bike. Suppose Ike's Bikes is expecting to produce 300 bikes per month for several years. In...
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