Question

Just needing to know if I have done the work correctly with this problem:

For the total revenue and marginal revenue the answers are:
Price $20 Quantity 0 TR 0 MR 0
Price $18 Quantity 1 TR 18 MR 18
Price $16 Quantity 2 TR 32 MR 14
Price $14 Quantity 3 TR 42 MR 10
Price $12 Quantity 4 TR 48 MR 6
Price $10 Quantity 5 TR 50 MR 2
Price $8 Quantity 6 TR 48 MR -2
Price $6 Quantity 7 TR 42 MR -6
Price $4 Quantity 8 TR 32 MR -10
Price $2 Quantity 9 TR 18 MR -14


I am also needing to graph the demand, MR and the MC curves on a graph. I know that the MR=Marginal Revenue and MC=Marginal cost. The only thing that I need to know is what numbers do I use to graph the demand.

Any assistance would be much appreciated.

Answer 1

Demand would simply be the relationship between price and quanty. E,.g, at P=18, Q=1. At P=2, Q=9.