AA$10$10aa$5$52040608010010203040QuantityQuantityGraph AGraph BRefer the figure above and answer the following (don't forget to SHOW YOURWORK!):a) On graph A, how much is total revenue at price of $10, and at price of $5?b) On graph B, how much is total revenue at price of $5?c) Graph B represents a demand curve that is relatively elastic or inelastic? Totalrevenue increases or decreases as the price decreases from $10 to $5?EditViewInsertFormat Tools TableBUA YT2 Y12pt YDaragraph vPricePrice

a. Total revenue = Price x Quantity Total revenue at price $10 = Price x Quantity= 10 x 40=…

$10 $10 a B $5 $5 DA b 20 40 60 80 100 10 20 30 40 Quantity Quantity Graph A Graph B efer the figure above and answer the following (don't forget to SHOW YOUR VORK!): O On graph A, how much is total revenue at price of $10, and at price of $5? ) On graph B, how much is total revenue at price of $5? O Graph B represents a demand curve that is relatively elastic or inelastic? Total Price Price

$10 $10 a B $5 $5 DA b 20 40 60 80 100 10 20 30 40 Quantity Quantity Graph A Graph B efer the figure above and answer the following (don't forget to SHOW YOUR VORK!): O On graph A, how much is total revenue at price of $10, and at price of $5? ) On graph B, how much is total revenue at price of $5? O Graph B represents a demand curve that is relatively elastic or inelastic? Total Price Price

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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For each case below, state whether you think the correlation is positive or negative. Also state whether the correlation is due to a direct cause, common underlying cause or a coincidence. a. Correlation between demand for breakfast cereal and demand for bread. The correlation is likely? The correlation is likely due to O a direct cause because an increase in demand for breakfast cereal would likely cause an increase in demand for bread O a common underlying cause that would affect both demand for breakfast cereal and demand for bread O a direct cause because an increase in demand for breakfast cereal would likely cause a decrease in demand for bread O a coincidence because it is unlikely that an increase in demand for breakfast cereal would cause demand for bread to change
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Question Consider the demand for a good illustrated in the figure below. Suppose the price of a complement decreases. What effect would this have in the graph? 3 P. Price This would result in a slide down the demand curve. 60 This would result in a slide up the demand curve. po This would result the demand curve shifting to the left. S 54 4 000 000 FA % 5 FS RT ^ 6 Y Do Quantity CO
4. Suppose that when the price of a burger decreases from $2.00 to $1.75 and other things remian the smae, the quantity demanded of burgers increases form 200 an hour to 400 an hour and the quantity demanded of pizza decreases from 400 an hour to 200 an hour. At the same, the quantity demanded of soda increases form 150 an hour to 300 an hour. 4a. Calculate the cross elasticity of demand for soda with respect to burgers.
100 PRICE 90 80 70 60 50 40 30 20 10 Demand 5 10 15 20 25 30 35 40 45 50 QUANTITY Refer to Figure 5-3. Using the midpoint method, between prices of $70 and $80, price elasticity of demand is about O a. 0.40. Ob.0.13. O c. 3.00 O d. 0.33.
3. The variety of demand curves The following graph displays four demand curves (LL, MM, NN, and OO) that intersect at point A. RCE (Dollars per unit) C 100 90 80 70 60 50 40 1 20 10 n B B 1 4+ 0 CI Statement لات " לב N .. O 30 40 90 CL ma QUANTITY (Unite) THEME 8 ILI N Between points A and C, curve MM is inelastic. M IN Ushig the groph, complete the table that folleme by indicating whether such statement & tree or foke. (Hint: You com display the coordinates by clicking the winds) 70 80 90 100 ? Curver MM incluses plusdiy: bei wenn quinis. A and C thân curve:ÑÑ is Jusiween puinis Â and D. Between points A and B, curve LL is perfectly inelastic. True False
1. After Peter's income increased from $100to $200, his purchases of tuna fish decreased from 5 cans to 3cans per week. Calculate Peter's income elasticity of demand? What type of a good is tuna fish?
4-5A 2. Draw the price effect and the quantity effect for a price change from $60 to $50. Which effect is larger? Does total revenue increase or decrease? No calculation is necessary. 3. . Draw the price effect and the quantity effect for a price change from $30 to $20. Which effect is larger? Does total revenue increase or decrease? No calculation is necessary.
4 A marketing executive once said, “If the priceelasticity of demand for your product is inelastic,then your price is probably too low.” What is thisexecutive saying in terms of the economic principles discussed in this chapter?
Use the following graph to answer the question below. Price a.. PA P₂ P₁ A 0 B C D m O F O Multiple Choice H G 1 Q₂ Q3 Quantity Demanded If the price increases from P, to P2, then the total revenue will gain areas J Demand B+E, but it will lose areas H+1+J. C+F+H, but it will lose area J. E+F+G, but it will lose area J A+B+C, but it will lose areas G+1+J.
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