Consider the demand curve illustrated in the figure to the right. Is demand elastic or inelastic? O A. Demand is elastic at all prices above $9.00 and inelastic at all prices below $9.00. O B. Demand is elastic (at all prices). OC. Demand is inelastic (at all prices). O D. Demand is elastic at all prices above $11.00 and inelastic at all prices below $11.00. O E. Demand is inelastic at all prices above $9.00 and elastic at all prices below $9.00. 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.) 20 18 16- 14- 12- 은 10- 8- 6- 4- 2 0- 8 10 12 Quantity 14 16 D 18 20 Q Q

Consider the demand curve illustrated in the figure to the right. Is demand elastic or inelastic? O A. Demand is elastic at all prices above $9.00 and inelastic at all prices below $9.00. O B. Demand is elastic (at all prices). OC. Demand is inelastic (at all prices). O D. Demand is elastic at all prices above $11.00 and inelastic at all prices below $11.00. O E. Demand is inelastic at all prices above $9.00 and elastic at all prices below $9.00. 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.) 20 18 16- 14- 12- 은 10- 8- 6- 4- 2 0- 8 10 12 Quantity 14 16 D 18 20 Q Q

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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