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A firm faces the following demand schedule. Use it to answer the next three question Price Quantity $20 10 $19 20 $18 30 $17 40 $16 50

A firm faces the following demand schedule. Use it to answer the next three question Price Quantity $20 10 $19 20 $18 30 $17 40 $16 50

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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A firm faces the following demand schedule. Use it to answer the next three questions. Price Quantity $20 10 $19 20 $18 30 $17 40 $16 50
Transcribed Image Text:A firm faces the following demand schedule. Use it to answer the next three questions. Price Quantity $20 10 $19 20 $18 30 $17 40 $16 50
Question 6 If the firm charges a price of $16, its total revenue equals O $1000 O $2000 O there is not enough intormation to determine total revenmue $1600 O $800 Question 7 It is considering raising its price to $17. It it does so O its total revenue will decrease, because the percent increase in price is less than the percent decrease in quantity demanded O its total revenue will decrease, because the percent increase in price is greater than the percent decrease in quantity demanded O its total revenue will increase, because the percent increase in price is greater than the percent decrease in quantity demanded O its total revenue will increase, because the pertent increase in price is less than the percent decrease in quantity demanded
Transcribed Image Text:Question 6 If the firm charges a price of $16, its total revenue equals O $1000 O $2000 O there is not enough intormation to determine total revenmue $1600 O $800 Question 7 It is considering raising its price to $17. It it does so O its total revenue will decrease, because the percent increase in price is less than the percent decrease in quantity demanded O its total revenue will decrease, because the percent increase in price is greater than the percent decrease in quantity demanded O its total revenue will increase, because the percent increase in price is greater than the percent decrease in quantity demanded O its total revenue will increase, because the pertent increase in price is less than the percent decrease in quantity demanded
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