Determine which of the following options are accurate if there is an increase in price of the good at point D, based on the given graph: 14 (s) 12 P r 10 8 2 0 1 ii) iii) B Quantity demanded D There will be an increase in total revenue. There will be movement towards the elastic portion of the demand curve There will be a decline in the quantity demanded. a) Statements 1,2 and 3 are correct. b) Only statement 2 is correct. c) All the statements are incorrect. d) Statements 1 and 2 are correct.

Determine which of the following options are accurate if there is an increase in price of the good at point D, based on the given graph: 14 (s) 12 P r 10 8 2 0 1 ii) iii) B Quantity demanded D There will be an increase in total revenue. There will be movement towards the elastic portion of the demand curve There will be a decline in the quantity demanded. a) Statements 1,2 and 3 are correct. b) Only statement 2 is correct. c) All the statements are incorrect. d) Statements 1 and 2 are correct.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Please provide accurate and correct answers to both questions without explanation. Thank you for your assistance.

Determine which of the following options are accurate if there is an increase in price of the good
at point D, based on the given graph:
i
P
r 10
1 -
14
12
(5)
00
с
e 6
10
4
2
0
11)
1
A
2
B
C
3
Quantity demanded
There will be an increase in total revenue.
There will be movement towards the elastic portion of the demand curve
There will be a decline in the quantity demanded.
a) Statements 1,2 and 3 are correct.
b) Only statement 2 is correct.
c) All the statements are incorrect.
d) Statements 1 and 2 are correct.

Considering the given pay off matrix of a game, Identify the dominance of the game.
Player B
Y
7
6
2
a) Y dominated Z
b) Z dominates Y
c) Q dominates R
d) P dominates Q
Player A
P
Q
R
X
1
5
7
Z
3
4
0

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