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 $934 now, Revenue ($)

Principles of Microeconomics

7th Edition

ISBN:9781305156050

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter5: Elastic And Its Application

Section: Chapter Questions

Problem 6PA: Suppose that your demand schedule for DVDs is as follows: Price Quantity Demanded (income = 10,000)...

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6. Elasticity and total revenue The following graph shows the daily demand curve for bikes in Denver. Use the green rectangle (triangle symbols) to compute total revenue at various prices along the demand curve. Note: You will not be graded on any changes made to this graph. 2 Total Revenue PRICE (Dollars per bike) 88NR S 89 88 89 O 300 275 18 27 35 45 54 53 72 QUANTITY (Bikes) 91 Demand 90 99 108
What is total revenue if price and quantity and $5 and 20 units
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Refer to the graph shown. When price rises from $10 to $30: 60 50 40 30 20 10 A 0000 B A1 с D E A2 F A3 ( 0 5 10 15 20 25 30 35 40 45 50 55 60 Quantity lost revenue is represented by areas B and C and gained revenue is represented by area F. gained revenue is represented by areas B and C and lost revenue is represented by area F. Olost revenue is represented by areas B, C, and D and gained revenue is represented by area A. O gained revenue is represented by areas B, C, and D and lost revenue is represented by area A.
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38. Suppose that a consumer's annual(income decreased by RO 300, causing a 15% decrease in the quantity of beef the consumer demands. If the consumer has an Ancome elasticjty of demand.of 1.0 for beef, what is her new income? a. RO 2700, b. RO 3000. C. RO 1700 d. RO 3300. 15 |-0 = 300 -1,7
½ 1.CQLPrecalc.2 The monthly supply S(p) and demand D(p) for a video game console is given by the graphs. Complete parts a-e below. Quantity, q S(p) = D(p) = (Type expressions using p as the variable.) 5000- 4500- 4000- 3500- 3000- 2500 2000-€ 1500- 1000- 500-S(p) 0+ 0 (p) 200 400 600 800 1000 Selling price per unit, p a) Describe how the increased selling price of an item affects the consumer demand and producer supply. If the selling price of an item is higher than it should be, the consumer demand for the item will decrease and the producer's willingness to supply it will increase. b) Find formulas for the functions q = D(p) and q = S(p).
Price Quantity Demanded Item Last Month This Month Last Month This Month Large Drink $6.00 $5.50 150 161 Large Popcorn $7.50 $8.00 125 101 Small Drink $2.50 $2.00 75 80 Small Popcorn $5.00 $5.25 45 39 Candy $4.00 $3.50 57 68 Hot Dog $5.00 $5.25 35 36 Movie Ticket $8.00 $9.00 428 300 Q1: Calculate the price elasticity of demand for small drinks. (Show your work. Q2: Is the price elasticity of demand for small drinks price elastic, inelastic, or unit (unitary)?
Price Quantity Demanded Item Last Month This Month Last Month This Month Large Drink $6.00 $5.50 150 161 Large Popcorn $7.50 $8.00 125 101 Small Drink $2.50 $2.00 75 80 Small Popcorn $5.00 $5.25 45 39 Candy $4.00 $3.50 57 68 Hot Dog $5.00 $5.25 35 36 Movie Ticket $8.00 $9.00 428 300 Q1: Calculate the total revenues earned by the theater last month and this month (Show work please) Q2: Calculate the price elasticity of demand for large drinks. (Show work please) Q3: Is the price elasticity of demand for large drinks price elastic, inelastic, or unit (unitary)?
Price Quantity Demanded Item Last Month This Month Last Month This Month Large Drink $6.00 $5.50 150 161 Large Popcorn $7.50 $8.00 125 101 Small Drink $2.50 $2.00 75 80 Small Popcorn $5.00 $5.25 45 39 Candy $4.00 $3.50 57 68 Hot Dog $5.00 $5.25 35 36 Movie Ticket $8.00 $9.00 428 300 Q1: Calculate the price elasticity of demand for candy. Q2: Is the price elasticity of demand for candy price elastic, inelastic, or unit (unitary)?
Price Quantity Demanded Item Last Month This Month Last Month This Month Large Drink $6.00 $5.50 150 161 Large Popcorn $7.50 $8.00 125 101 Small Drink $2.50 $2.00 75 80 Small Popcorn $5.00 $5.25 45 39 Candy $4.00 $3.50 57 68 Hot Dog $5.00 $5.25 35 36 Movie Ticket $8.00 $9.00 428 300 Q1: Calculate the price elasticity of demand for small popcorn Q2: Is the price elasticity of demand for small popcorn price elastic, inelastic, or unit