a. Complete the total revenue column from the demand-schedule data given below. Price Quantity Demanded Total Revenue $ 5 1 $ 4 2 3 3 2 4 1 5 b. Graph the demand curve and total revenue curve in the diagrams below. Instructions: Using the diagram on the left for demand, use the tool provided 'Demand' to plot each price-quantity combination (plot 5 points total). Using the diagram on the right for total revenue, use the tool provided 'TR' to plot each quantity-revenue combination (plot 5 points total). c. Price and total revenue move in the opposite direction when demand is _________.
a. Complete the total revenue column from the demand-schedule data given below. Price Quantity Demanded Total Revenue $ 5 1 $ 4 2 3 3 2 4 1 5 b. Graph the demand curve and total revenue curve in the diagrams below. Instructions: Using the diagram on the left for demand, use the tool provided 'Demand' to plot each price-quantity combination (plot 5 points total). Using the diagram on the right for total revenue, use the tool provided 'TR' to plot each quantity-revenue combination (plot 5 points total). c. Price and total revenue move in the opposite direction when demand is _________.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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a. Complete the total revenue column from the
| Quantity Demanded | Total Revenue | |
|---|---|---|
| $ 5 | 1 | $ |
| 4 | 2 | |
| 3 | 3 | |
| 2 | 4 | |
| 1 | 5 |
b. Graph the demand curve and total revenue curve in the diagrams below.
Instructions: Using the diagram on the left for demand, use the tool provided 'Demand' to plot each price-quantity combination (plot 5 points total). Using the diagram on the right for total revenue, use the tool provided 'TR' to plot each quantity-revenue combination (plot 5 points total).
|
|
|
c. Price and total revenue move in the opposite direction when demand is _________.
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