Please help me fix c. Thank you! :) 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 anegative sign (-) in front of those numbers.QuantityDemanded (Q)MarginalRevenuePrice (P)Total Revenue$7.00$0.006.501$246.50 O $6.50 O6.0022412.00 O $5.50 O5.503.$16.50 O s244.50 O5.00420.00 O $3.50 O4.50IS22.50 O $%242.50 O1.50 O24.00 O $24.50 O $4.003.507IS0.50 O3.0082$24.00 O $-0.50 O2.50$22.50 O $-1.50 Ob. Plot the demand, TR, and MR curves.Instructions: Use the tool provided 'MR' to draw the marginal-revenue curve (plot 9 points total). Then use the tools provided 'TR' and'D' to plot the total-revenue curve (TR) and the demand curve (D) (plot 10 points total for each curve). To earn full credit for this graph,you must plot all required points for each curve..Your Graph Score: 100%2624TR22TR20181614MR12108.6.4.-21 2 3 4 5 6 7 8 9QuantityTR, price ($)ololo 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 $ 7.00Demand is inelastic from a price of $ 3.00to a price of $ 3.50|to a price of $ 2.50d. In general, when marginal revenue is positive, demand is elasticWhen marginal revenue is negative, demand is inelastice. Suppose the marginal cost of successive units of output is zero. What output would the profit-seeking firm produce? (Assume thefirm can only produce whole units.)7

Total revenue is the revenue generated by the producer after selling all the goods and it is…

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 $ 7.00] ® to a price of $ 3.50 Demand is inelastic from a price of $ 3.00 to a price of $ 2.50 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 $ 7.00] ® to a price of $ 3.50 Demand is inelastic from a price of $ 3.00 to a price of $ 2.50 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.)

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter14: Monopoly

Section: Chapter Questions

Problem 1PA

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