Alter the graph in order to explore the change in total revenue in response to a price change with different demand elasticities. Notice that once price goes below $1.50, total revenue decreases in both cases of demand elasticity. a. What important insights does this illustrate?

Q: what are the condition in granting a franchised?

A: In a market, a franchise refers to an economic activity performed by a business in which it decides…

Q: The South Korean Government in the 1970s decided to follow a strategy of increased investment in…

A: Scarcity refers to the limited availability of resources, that are used to produce goods and…

Q: I'm having trouble deciding whether to work a full shift or work overtime as well. If I work the…

A: The marginal cost refers to the change in the total cost when worker works for additional one hour.…

Q: Which of these is the tenant's responsibility? Taking reasonable care of the property, giving notice…

A: a person who gives money to the owner of a room, flat, house, or piece of property in order to…

Q: Are there any drawbacks to bimetallism?

A: A monetary system that is also known by the name bimetallism is the system in which the value of a…

Q: Is there anything more I can add to make this answer worth 8 marks?

A: Investment increases the capital stock, and the amount of capital that is available to an economy is…

Q: Retailers O Buy large volumes of products and sell them individually to consumers O Buy large…

A: Depending upon the quantity of goods and services bought and the market where the product will be…

Q: What are the different ways in which personal property can be obtained?

A: Personal property is a type of property that consists of any property except real estate. It's also…

Q: An impersonal non-commercial source of information used to make travel decisions would be travel…

A: This statement is true. An impersonal non-commercial source of information used to make travel…

Q: How would present a loss and or an expense or damage claim?

A: Development contracts will by and large accommodate the contractor to guarantee direct loss and…

Q: expensive

A: Suits are considered to be an important part of the professional world and a suit also tends to…

Q: The costs of owning and operating an asset can be divided into two categories. What are they?

A: According to cost theory, there are two different types of cost associated with any economic…

Q: A change in technology that makes it more costly to produce tort

A: Technological change is important for industrial development. However, often there are situations…

Q: What are criminal prosecutions?

A: The court is the place where trials and legal cases take place.

Q: Why do transaction fees occur?

A: In a market, transaction cost refers to the additional cost that is bear by the firm or the…

Q: The states have the right to regulate and license real estate agents. Why should that be?

A: Real Estate:The term real estate refers to physical property, land, and buildings. Basically, there…

Q: Why are newspapers, but not soft drinks, sold in vending machines that allow customers to take more…

A: Necessary good is a type of normal good that consumers buy regardless of the change of their income…

Q: You need a car. You decide to purchase a new car for $12,000 and sell it in one year. If you don't…

A: Opportunity cost is the cost of producing one good in terms of other.  Opportunity cost shows the…