Business, 24.03.2020 22:31 hailee24

Refer to the demand schedule below.
(a) Use the demand schedule to calculate total revenue and marginal revenue at each quantity.
(b) Plot the demand, total-revenue, and marginal-revenue curves.
Instructions: Round your answers to 2 decimal places. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers.

Price Quantity Demanded Price Quantity Demanded
$7.00 0 $4.50 5
6.50 1 4.00 6
6.00 2 3.50 7
5.50 3 3.00 8
5.00 4 2.50 9

Answers: 2

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Answer from: avision42

Explanation:

Demand can be defined as the total quantity of a particular commodity which a consumer is willing and able to buy at a particular price and a particular time.

A demand schedule is a tabular representation of the total quantity of a particular commodity which a consumer is willing and able to buy at a particular price and a particular time.

Below is an attachment showing the tabular representation and the solution to requirement A

In the first Attachment all that was done was to use the values from the question to get our requirements Total revenue was gotten by (Price * Quantity)

Marginal Revenue was gotten by finding the Change in Total Revenue divided by Change in Quantity

So also a tabular representation of B

All that is required to plot the graph is to match the values gotten to the Y axis which represents revenue and X axis which represents quantity and connect the lines together.

Refer to the demand schedule below. (a) Use the demand schedule to calculate total revenue and marg

Answer from: AM28

$\left[\begin{array}{cccc}Q&P&$Total revenue&$Marginal Revenue\\1&7&7&7\\2&6.5&13&6\\3&6&18&5\\4&5.5&22&4\\5&5&25&3\\6&4.5&27&2\\7&4&28&1\\8&3.5&28&0\\9&3&27&-1\\\end{array}\right]$

Attached graph

Explanation:

Marignal revenue is the additional revenu generate per unit.

While Total revenue is the total amount (P x Q generated)

Answer from: Quest

being born in poverty would limit the people's chances, opportunities and benefits.

this happen because of several things, such as:

- poor people tend to gain less access to good education and nutrition. this mean that their chance to obtain high paying jobs would also be limited.

- poor people tend to socialize with other poor people while the rich tend to socialize with other rich people. this means that simply throguh their social circle, rich people would have more business opportunities compared to the poor people.

- rich people tend to have more capital in their disposal. this would benefit them in business since it is far easier for them to fund their business operation compared to poor people.

Answer from: Quest

There is no graph so we cannot answer

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Refer to the demand schedule below.
(a) Use the demand schedule to calculate total revenue an...

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