On the graph input tool, change the number found in the Quantity Demanded field to determine the prices that correspond to the production of 0, 2, 4, 5, 6, 8, and 10 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. TOTAL REVENUE (Dollars) 500 450 400 350 300 250 200 150 100 50 P 0 1 2 3 4 5 6 7 8 9 10 QUANTITY (Number of units) A Total Revenue Calculate the total revenue if the firm produces 2 versus 1 units. Then, calculate the marginal revenue of the second unit produced.
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- The following graph shows the monthly demand and supply curves in the market for jackets. 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. PRICE (Dollars per jacket) 100 90 80 70 60 50 40 30 20 10 0 0 ==++ Supply Demand 50 100 150 200 250 300 350 400 450 500 QUANTITY (Jackets) The equilibrium price in this market is $ Graph Input Tool Market for Jackets Price (Dollars per jacket) Quantity Demanded (Jackets) per jacket, and the equilibrium quantity is 30 500 Quantity Supplied (Jackets) jackets per month. ? 210The following graph shows the annual market for Florida oranges, which are sold in units of 90-pound boxes. 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. PRICE (Dollars per box) 50 45 40 35 20 15 10 5 0 +1+4+ Demand Ď Lll | | || || Supply 0 90 180 270 360 450 540 630 720 810 900 QUANTITY (Millions of boxes) In this market, the equilibrium price is Graph Input Tool Market for Florida Oranges Price (Dollars per box) Quantity Demanded (Millions of boxes) 20 486 per box, and the equilibrium quantity of oranges is Quantity Supplied (Millions of boxes) million boxes. ? 360The 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. # 345470 10 QUANTITY (Unita) *** TO QUANTITY (Number of units) Graph Input Tool Market for Goods Quantity Demanded (Lv) Demand Price (Dollars per unit) On the graph input tool, change the number found in the Quantity Demanded field to determine the prices that correspond to the production of 0, 2, 4, 5, 6, 8, and 10 units of output. Calculate the total revenue for each of these production levels. Then, on the following graph, use the green points (triangle symbo) to plot the results. Total Revenue QUANTITY() Ⓒ 50.00 Calculate the total revenue if the firm produces 2 versus 1 units. Then, calculate the marginal revenue of…
- Homework (Ch 05) On the following graph, use the green point (triangle symbol) to plot the weekly total revenue when the market price is $50, $75, $100, $125, $150, $175, and $200 per scooter. TOTAL REVENUE (Dollars) 7830 7290 6750 8210 5670 5130 4590 4050 3510 2970 0 25 50 75 100 125 150 175 200 225 250 275 300 325 PRICE (Dollars per scooter) Total Revenue gage Learning According to the midpoint method, the price elasticity of demand between points A and B is approximately Suppose the price of scooters is currently $25 per scooter, shown as point B on the initial graph. Because the demand between points A and B is a $25-per-scooter increase in price will lead to in total revenue per week. In general, in order for a price increase to cause a decrease in total revenue, demand must beNote: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. PRICE (Dollars per room) 500 450 400 350 300 250 200 150 100 50 0 Demand 0 50 100 150 200 250 300 350 400 450 500 QUANTITY (Hotel rooms) Graph Input Tool Market for Lakes's Hotel Rooms Price (Dollars per room) Quantity Demanded (Hotel rooms per night) Demand Factors Average Income (Thousands of dollars) Airfare from MSY to ACY (Dollars per roundtrip) Room Rate at Mountaineer (Dollars per night) 100 400 40 100 250 ? For each of the following scenarios, begin by assuming that all demand factors are set to their original values and Lakes is charging $100 per room per night. If average household income increases by 25%, from $40,000 to $50,000 per year, the quantity of rooms demanded at the Lakes from rooms per night to rooms per night. Therefore, the income elasticity of demand is , meaning that hotel rooms at the Lakes are If the price of a room at the…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 Triple Sevens's Hotel Rooms 500 I Price (Dollars per room) 450 200 400 Quantity Demanded (Hotel rooms per night) 300 350 300 250 Demand Factors 200 150 Average Income (Thousands of dollars) Demand 50 100 Airfare from LAX to LAS (Dollars per roundtrip) 50 100 + 50 100 150 200 250 300 350 400 450 500 QUANTITY (Hotel rooms) Room Rate at Exhilaration (Dollars per night) 250 For each of the following scenarios, begin by assuming that all demand factors are set to their original values and Triple Sevens is charging $200 per room per night. If average household income increases by 10%, from $50,000 to $55,000 per year, the quantity of rooms demanded at the Triple Sevens from rooms per night to rooms per…
- 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 I Quantity Demanded 180 10 (Units) 160 140 Demand Price 100.00 (Dollars per unit) 120 100 80 60 Demand 40 20 6 8 10 QUANTITY (Units) 0 2 4 8 12 14 16 18 20 On the graph input tool, change the number found in the Quantity Demanded field to determine the prices that correspond to the production of 0, 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 900 Total Revenue 800 700 600 500 400 300 200 100 + 2 4 6 8 10 12 14 16 18 20 QUANTITY…The diagram to the right illustrates a hypothetical demand curve representing the relationship between price (in dollars per unit) and quantity (in 1,000s of units per unit of time). The area of the triangle shown on the diagram is $ (Enter your response as an integer.) (D) Price (dollars per unit) 100- 90- 80- 70- 65 60- 50- 40- 30- 20- 10- 0- 39 :25 51 10 20 30 40 50 60 70 80 90 Quantity (1,000s of units per unit of time)Refer to the figure below to answer questions number 21 and 22. Suppose the graphs represent the demand for use of a local golf course for which there is no significant competition (it has a local monopoly); P denotes the price of a round of golf; Q is the quantity of rounds "sold" each day. The left graph represents the demand during weekdays, and the right graph the weekend demand. $10 $9 $9 $7 MCHATC $4 MCHATC Dwe MR Dwo 350 Q \MRWE O 100120 100 200 200 Q 21. This profit-maximizing golf course should: A. charge $9 for each round, regardless of the day of the week. B. charge $7 for each round, regardless of the day of the week. C. charge $7 for each round on weekdays, and $10 during the weekend. D. charge $9 for each round on weekdays, and $10 during the weekend. 22. This profit-maximizing golf course will earn how much economic profit over the course of a full seven-day week? A. $4,200 B. $1,200 C. $3,400 D. $2,700
- The supply equation for a given product is y = 10x + 50, while the demand equation for the same product is given by y = 5x + 350, where x is the price per unit and y is the number of units sold. Find the break-even point, the price and quantity at which supply equals demand. First graph each line, then place a dot indicating the solution to the system. +500 + -450 400 350 300 250 200 150 100 10 50 -50 -100 -150 -200 -250 -300 10 20 30 40 50 60 70 80 90 1On the following graph, use the green point (triangle symbol) to plot the weekly total revenue when the market price is $50, $75, $100, $125, $150, $175, and $200 per scooter. TOTAL REVENUE (Dollars) 5220 4860 4500 4140 3780 3420 3060 2700 2340 1980 + + 0 25 50 75 100 125 150 175 200 225 250 275 300 325 PRICE (Dollars per scooter) Total Revenue According to the midpoint method, the price elasticity of demand between points A and B is approximately 0 In general, in order for a price decrease to cause a decrease in total revenue, demand must be 0.69 1.44 27 Suppose the price of scooters is currently $125 per scooter, shown as point A on the initial graph. Because the demand between points A and B is a $25-per-scooter decrease in price will lead to in total revenue per week.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 250 I Quantity Demanded (Units) 225 25 200 Demand Price (Dollars per unit) 125.00 150 125 100 75 Demand 50 25 10 15 20 25 30 35 40 45 50 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 of 0, 10, 20, 25, 30, 40, and 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. (? 3130 2817 Total Revenue 2504 2191 1878 1565 1252 939 626 313 10 15 20 25 30 35 40 45 50 QUANTITY (Number of units) Calculate the total revenue if the firm produces 10 versus 9 units. Then, calculate the…