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Plot the Total Revenue (TR) Curve.
ScanSolve AI Answer
Step-by-step solution
3 stepsOkay, Idah, let's plot these curves using the data we calculated.
Plot the Total Revenue (TR) Curve.
Plot the following points for (Output, Total Revenue) and connect them to form the Total Revenue curve:
- (0, 0)
- (1, 16)
- (2, 30)
- (3, 42)
- (4, 52)
- (5, 60)
- (6, 66)
- (7, 70)
- (8, 72)
- (9, 72)
- (10, 70)
Plot the Marginal Revenue (MR) Curve.
Plot the following points for (Output, Marginal Revenue) and connect them to form the Marginal Revenue curve:
- (1, 16)
- (2, 14)
- (3, 12)
- (4, 10)
- (5, 8)
- (6, 6)
- (7, 4)
- (8, 2)
- (9, 0)
- (10, -2)
Plot the Marginal Cost (MC) Curve.
Plot the following points for (Output, Marginal Cost) and connect them to form the Marginal Cost curve:
- (1, 8)
- (2, 5)
- (3, 2)
- (4, 2)
- (5, 1)
- (6, 4)
- (7, 8)
- (8, 10)
- (9, 14)
- (10, 16)
The graph should show the Total Revenue curve starting at the origin, increasing, reaching a peak at Q=8 and Q=9, and then decreasing. The Marginal Revenue curve should be a downward-sloping line, crossing the x-axis at Q=9. The Marginal Cost curve should initially decrease, reach a minimum, and then increase.
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