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...

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Extracted text: 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 a negative sign (-) in front of those numbers. Quantity Demanded (Q) Marginal Revenue Price (P) Total Revenue $7.00 $ 0.00 6.50 1 $ 24 6.50 O $ 6.50 O 6.00 2 24 12.00 O $ 5.50 O 5.50 3. $ 16.50 O s 24 4.50 O 5.00 4 20.00 O $ 3.50 O 4.50 IS 22.50 O $ %24 2.50 O 1.50 O 24.00 O $ 24.50 O $ 4.00 3.50 7 IS 0.50 O 3.00 8 2$ 24.00 O $ -0.50 O 2.50 $ 22.50 O $ -1.50 O b. 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% 26 24 TR 22 TR 20 18 16 14 MR 12 10 8. 6. 4. -2 1 2 3 4 5 6 7 8 9 Quantity TR, price ($) ololo


Extracted text: 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 Demand is inelastic from a price of $ 3.00 to a price of $ 3.50| 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.) 7