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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using the graph expalin why elasticity of demand will be greater bewteen 15 and $9 opposed tombewtween $9 and $4. prove this is true
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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?
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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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E3
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6. Use the graph below to answer this question: Assume that the current price is $70. The seller wants to increase its revenues and has decided to increase the price to $80. Is this a good idea? $100 70 30 20 10 F Demend 10 20 30 40 60 00 70 BO 90 100 Qyemtity of e product (In thousanda) Price