Refer to the figure Q17 below. If rectangle D is larger than rectangle A, thenPriceP2P1BDDemandQ2Q1QuantityFigure Q17: Demand curveA.All of the above are correct.the magnitude of the percent change in price between P1 and P2 is smaller than the magnitude of the corresponding percent change in quantity demanded.C.a decrease in price from P2 to P1 will cause an increase in total revenue.D.demand is elastic between prices P1 and P2.B. Denise decides to spend three hours working overtime rather than watching a video with her friends. She earns RM10 an hour. Her opportunity cost of working isА.the RM30 minus the enjoyment she would have received from watching the video.В.the enjoyment she would have received had she watched the video.C.the RM30 she earns working.D.nothing, since she would have received less than RM30 of enjoyment from the video.

1) OPTION A IS CORRECT BECAUSE Rectangle D more prominent than A it indicates percentage rate…

Figure Q17: Demand curve A. All of the above are correct. B. the magnitude of the percent change in price between P1 and P2 is smaller than the magnitude of the corresponding percent change in quantity demanded. E. O a decrease in price from P2 to P1 will cause an increase in total revenue. D. demand is elastic between prices P1 and P2.

Figure Q17: Demand curve A. All of the above are correct. B. the magnitude of the percent change in price between P1 and P2 is smaller than the magnitude of the corresponding percent change in quantity demanded. E. O a decrease in price from P2 to P1 will cause an increase in total revenue. D. demand is elastic between prices P1 and P2.

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

Refer to the figure Q17 below. If rectangle D is larger than rectangle A, then
Price
P2
P1
B
D
Demand
Q2
Q1
Quantity
Figure Q17: Demand curve
A.
All of the above are correct.
the magnitude of the percent change in price between P1 and P2 is smaller than the magnitude of the corresponding percent change in quantity demanded.
C.
a decrease in price from P2 to P1 will cause an increase in total revenue.
D.
demand is elastic between prices P1 and P2.
B.

Denise decides to spend three hours working overtime rather than watching a video with her friends. She earns RM10 an hour. Her opportunity cost of working is
А.
the RM30 minus the enjoyment she would have received from watching the video.
В.
the enjoyment she would have received had she watched the video.
C.
the RM30 she earns working.
D.
nothing, since she would have received less than RM30 of enjoyment from the video.

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Assist
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