I am stuck on the True False questionNote:-Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure. 1. Price and output in a competitive price-searcher marketConsider a price-searching firm, Antonio's Fire Engines, which sells fire engines in the fictional country of Pyrotania. Initially, Antonio's produced eightfire engines but then decided to increase production to nine fire engines. The following graph shows the demand curve the firm faces. To sell theadditional engine, Antonio's must lower its price from $80,000 to $40,000 per engine. (Hint: Antonio's Fire Engines gains revenue from the additionalengine it sells, but it also loses revenue from the initial eight engines because it sells them all at the lower price.)On the following graph, use the purple rectangle (diamond symbols) to shade the area representing the revenue lost from the initial eight engines byselling at $40,000 rather than $80,000. Then use the green rectangle (triangle symbols) to shade the area representing the revenue gained fromselling an additional engine at $40,000.PRICE (Thousands of dollars per fire engine)200180-180-1401201009080402000123 456QUANTITY (Fire engines)7Demand8 9 10Revenue LostRevenue Gained PRICE (Thousands of dollars per fire engine)ZVU180160140120100806040200+0 1+O True2O False+3+4 5 67QUANTITY (Fire engines)8Demand9 10Revenue LostAntonio's Fire Engines should not increase production from eight to nine fire engines because the change in pricescenario.Revenue GainedTrue or False: If Antonio's Fire Engines were a price-taking firm instead, and $80,000 were the market price for an engine, lowering its price from$80,000 to $40,000 would not result in increased revenue.dominates in this

Total Revenue is defined as the total earnings that the consumer earns drom the production and sale…

Antonio's Fire Engines should not increase production from eight to nine fire engines because the change in_price scenario. True or False: If Antonio's Fire Engines were a price-taking firm instead, and $80,000 were the market price for an engine, lowering its price from $80,000 to $40,000 would not result in increased revenue. O True dominates in this False

Antonio's Fire Engines should not increase production from eight to nine fire engines because the change in_price scenario. True or False: If Antonio's Fire Engines were a price-taking firm instead, and $80,000 were the market price for an engine, lowering its price from $80,000 to $40,000 would not result in increased revenue. O True dominates in this False

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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