Consider the demand curve illustrated in the figure to the right is demand elastic or inelastic? OA Demand is elastic at all prices above $7.00 and inelastic at all prices below $7.00. OB. Demand is inelastic (at all prices) OC. Demand is elastic at all prices above $5.00 and inelastic at all prices below $5.00. OD. Demand is elastic (at all prices) OE Demand is inelastic at all prices above $7.00 and elastic at all prices below $7.00. At what price is total revenue maximized? Total revenue is maximized when price equals $ (Enter your response as a real number rounded to two decimal places) Price 20- 18- 16- 14- 12- 10- 6 tat 10 12 Quantity 14 13
Consider the demand curve illustrated in the figure to the right is demand elastic or inelastic? OA Demand is elastic at all prices above $7.00 and inelastic at all prices below $7.00. OB. Demand is inelastic (at all prices) OC. Demand is elastic at all prices above $5.00 and inelastic at all prices below $5.00. OD. Demand is elastic (at all prices) OE Demand is inelastic at all prices above $7.00 and elastic at all prices below $7.00. At what price is total revenue maximized? Total revenue is maximized when price equals $ (Enter your response as a real number rounded to two decimal places) Price 20- 18- 16- 14- 12- 10- 6 tat 10 12 Quantity 14 13
Microeconomics A Contemporary Intro
10th Edition
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Chapter5: Elasticity Of Demand And Supply
Section: Chapter Questions
Problem 8QFR
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Question
![the demand curve illustrated in the figure to the right.
Consider
Is demand elastic or inelastic?
ⒸA. Demand is elastic at all prices above $7.00 and inelastic at all prices below $7.00.
OB. Demand is inelastic (at all prices)
OC. Demand is elastic at all prices above $5.00 and inelastic at all prices below $5.00.
OD. Demand is elastic (at all prices).
E. Demand is inelastic at all prices above $7.00 and elastic at all prices below $7.00.
At what price is total revenue maximized?
Total revenue is maximized when price equals $ (Enter your response as a real number
rounded to two decimal places)
Price
18
16
14-
12
10
84
6
4
2-
10
[D
10 12 14 10
Quantity
13](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb1b4a131-f1e9-4058-89f3-f58de2b8b968%2F4453fdfb-b575-4f7c-b507-3c03d59f431c%2Fd6z3yrd_processed.jpeg&w=3840&q=75)
Transcribed Image Text:the demand curve illustrated in the figure to the right.
Consider
Is demand elastic or inelastic?
ⒸA. Demand is elastic at all prices above $7.00 and inelastic at all prices below $7.00.
OB. Demand is inelastic (at all prices)
OC. Demand is elastic at all prices above $5.00 and inelastic at all prices below $5.00.
OD. Demand is elastic (at all prices).
E. Demand is inelastic at all prices above $7.00 and elastic at all prices below $7.00.
At what price is total revenue maximized?
Total revenue is maximized when price equals $ (Enter your response as a real number
rounded to two decimal places)
Price
18
16
14-
12
10
84
6
4
2-
10
[D
10 12 14 10
Quantity
13
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