7. Herb sells apples from his family's farm at the Farmer's Market on the weekends. His revenue is affected by the price that he charges per dozen of apples. Use the graph to estimate the revenue at $1.00/dozen and $2.00/dozen. Apple Sales R 1000 800 600 400 200 1.00 2.00 3.00 4.00 P Price per Dozen Apples ($) $425 and $450 b. $425 and $800 c. $800 and $425 d. $800 and $800 a. If it is worth $934 now, Revenue ($)

7. Herb sells apples from his family's farm at the Farmer's Market on the weekends. His revenue is affected by the price that he charges per dozen of apples. Use the graph to estimate the revenue at $1.00/dozen and $2.00/dozen. Apple Sales R 1000 800 600 400 200 1.00 2.00 3.00 4.00 P Price per Dozen Apples ($) $425 and $450 b. $425 and $800 c. $800 and $425 d. $800 and $800 a. If it is worth $934 now, Revenue ($)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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How do I calculate the price elasticity in this chart? and how do I graph the results? P Q Price Total Elasticity Revenue $9.00 1 - 9 $8.00 2 16 $7.00 3 21 $6.00 4 24 $5.00 5 25 $4.00 6 24 $3.00 7 21 $2.00 8 16
Price (P) B $50 $30 Demand 800 1,200 Quantity (Q) In the figure above, when the price increases from point A to point B, the quantity effect on Total Revenue (the revenue loss from losing buyers who had been buying a lower price) is: Select one: а. — $16,000 b. - $4,000 c. - $12,000 d. - $10,000 Next page
5. Suppose that the price elasticity of the demand is 0.76. If we increase the price ofthe the demanded product, how would this affect the revenue? Explain
solution plz
Find the total revenue for the table. Quantity Sold (units) Price or Average Pee Revenue (Rs) (1) (2) 10 10 4. 10 10
4-5 Draw the price effect and the quantity effect for a price change from $60 to $70. Which effect is larger? Does total revenue increase or decrease? No calculation is necessary.
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2. Imagine that you run a small bakery. In March the price of a cupcake was $2, and you sold 50 per day. In April you increased the price of cupcakes to $3 and you sold 40 per day. 1. Did your revenue increase or decrease? 2. What was the price elasticity of demand to Cupcakes when price increased from $2 to $3. 3. Do you think demand was elastic or inelastic prior to the change in prices
Price (dollars) ck to select your answer. 7 6 5 0 10 15 20 d ***** D mun 25 30 35 Quantity (units per year) the figure above, when the price falls from $8 to $7, total revenue A. decreases from $210 to $120 so demand is elastic. OB. decreases from $210 to $120 so demand is inelastic. OC. increases from $120 to $210 so demand is inelastic. OD. increases from $120 to $210 so demand is elastic. E. increases from $120 to $210 but more information is needed to determine whether demand is elastic, inelastic, or unit elastic.
If the real exchange rate for the dollar is above the equilibrium level, the quantity of dollars supplied in the market for foreign-currency exchange is greater than the quantity demanded and the dollar will appreciate. greater than the quantity demanded and the dollar will depreciate. less than the quantity demanded and the dollar will appreciate. less than the quantity demanded and the dollar will depreciate.
5. Suppose that the price elasticity of the demand is 0.76. If we increase the price ofthe the demanded product, how would this affect the revenue? Explain