9. Elasticity and total revenue The following graph shows the demand curve for kumquats. Points A, B, C, and D mark price ranges over which you will be asked to calculate the p elasticity of demand for this good. Use the purple rectangle labeled Total Revenue (diamond symbols) to compute total revenue at various prices along the demand curve. To see the area of the Total Revenue rectangle, select the shaded area with your mouse. You will not be graded on where you place the rectangle. 10 Total Revenue B 5 1 2 3 4 QUANTITY (Thousands of bushels) 01 7 10 Calculate the price elasticity of demand between points A and B and points C and D using the midpoint method, and fill in the Price Elasticity of Demand column in the following table. Then for each price range, identify whether demand is elastic, inelastic, or unit elastic. Price Range Price Elasticity of Demand Elastic, Inelastic, Unit Elastic Change in Total Revenue between Points A and B C and D In the previous table, for each price range, indicate whether total revenue increases, decreases, or does not change. PRICE (Dollars per bushel per month)

9. Elasticity and total revenue The following graph shows the demand curve for kumquats. Points A, B, C, and D mark price ranges over which you will be asked to calculate the p elasticity of demand for this good. Use the purple rectangle labeled Total Revenue (diamond symbols) to compute total revenue at various prices along the demand curve. To see the area of the Total Revenue rectangle, select the shaded area with your mouse. You will not be graded on where you place the rectangle. 10 Total Revenue B 5 1 2 3 4 QUANTITY (Thousands of bushels) 01 7 10 Calculate the price elasticity of demand between points A and B and points C and D using the midpoint method, and fill in the Price Elasticity of Demand column in the following table. Then for each price range, identify whether demand is elastic, inelastic, or unit elastic. Price Range Price Elasticity of Demand Elastic, Inelastic, Unit Elastic Change in Total Revenue between Points A and B C and D In the previous table, for each price range, indicate whether total revenue increases, decreases, or does not change. PRICE (Dollars per bushel per month)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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