20 18 16 14 12 PRICE (Millions of dollars per spacesuits) -8 -10 -12 NON 10 -14 -16 -18 -20 0 1 2 3 5 6 7 QUANTITY (Spacesuits per month) MR Revenue Demand Price Effect 8 9 10 Quantity Effect Complete the following table by finding out the price and quantity effects for the following changes in the price. (Hint: When the price changes from $14 million to $12 million, be sure to enter the revenue value at $12 million. And so on.) Price change From $14 to $12 From $12 to $10 From $10 to $8 From $8 to $6 From $6 to $4 From $4 to $2 Revenue Price effect (Millions of dollars) Quantity effect

20 18 16 14 12 PRICE (Millions of dollars per spacesuits) -8 -10 -12 NON 10 -14 -16 -18 -20 0 1 2 3 5 6 7 QUANTITY (Spacesuits per month) MR Revenue Demand Price Effect 8 9 10 Quantity Effect Complete the following table by finding out the price and quantity effects for the following changes in the price. (Hint: When the price changes from $14 million to $12 million, be sure to enter the revenue value at $12 million. And so on.) Price change From $14 to $12 From $12 to $10 From $10 to $8 From $8 to $6 From $6 to $4 From $4 to $2 Revenue Price effect (Millions of dollars) Quantity effect

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

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20
18
16
14
PRICE (Millions of dollars per spacesuits)
-10
-12
NONAN
10
12
-14
-16
-18
-20
0
1
2 3 4 5
6
7
QUANTITY (Spacesuits per month)
MR
Revenue
Demand
Price Effect
8
9
10
Quantity Effect
Complete the following table by finding out the price and quantity effects for the following changes in the price. (Hint: When the price changes from
$14 million to $12 million, be sure to enter the revenue value at $12 million. And so on.)
Price change
From $14 to $12
From $12 to $10
From $10 to $8
From $8 to $6
From $6 to $4
From $4 to $2
Revenue
Price effect
(Millions of dollars)
Quantity effect

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Market price is always more than factor cost. True /False
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