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How much would the firm’s revenue change if it lowered price from $12 to $10?  Revenue change: $  b. How much would the firm’s revenue change if it lowered price from $4 to $2?  Revenue change:  c. What price maximizes the firm’s total revenues?  Price that maximizes total r

How much would the firm’s revenue change if it lowered price from $12 to $10?  Revenue change: $  b. How much would the firm’s revenue change if it lowered price from $4 to $2?  Revenue change:  c. What price maximizes the firm’s total revenues?  Price that maximizes total r

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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a. How much would the firm’s revenue change if it lowered price from $12 to $10? 

Revenue change: $ 

b. How much would the firm’s revenue change if it lowered price from $4 to $2? 

Revenue change: 

c. What price maximizes the firm’s total revenues? 

Price that maximizes total revenues: 

Answer the following questions based on the accompanying diagram: Price ($) 20 18 16 14 12 10 8 6 4 2 D 1 2 3 4 5 6. 7 Quantity
Transcribed Image Text:Answer the following questions based on the accompanying diagram: Price ($) 20 18 16 14 12 10 8 6 4 2 D 1 2 3 4 5 6. 7 Quantity
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