Instructions: After interacting on your own with the model above press the "Reset" button. Use the Demand Slider in the "Settings" to have your demand curve match the equation (Demand: P-$6.00-0.100(Qd)}. a. What is the total revenue when the price is $2.00? $ b. What is the total revenue when the price is $1.00? $ c. Is demand price elastic, price inelastic or unit elastic between these two prices: (Click to select) Instructions: Use the Demand Slider in the "Settings" to have your demand curve match the equation (Demand: P-$4.80-0.060(Qd)]. d. What is the optimal price and quantity to maximize the total revenue? P =$ TR = $ e. What is the total revenue when the price is $3.00 and quantity is 30? $ f. What is the total revenue when the price is $1.80 and quantity is 50? $ g. If demand is price elastic and the market price is $3.00 what can be done to increase the total revenue? (Click to select)

Instructions: After interacting on your own with the model above press the "Reset" button. Use the Demand Slider in the "Settings" to have your demand curve match the equation (Demand: P-$6.00-0.100(Qd)}. a. What is the total revenue when the price is $2.00? $ b. What is the total revenue when the price is $1.00? $ c. Is demand price elastic, price inelastic or unit elastic between these two prices: (Click to select) Instructions: Use the Demand Slider in the "Settings" to have your demand curve match the equation (Demand: P-$4.80-0.060(Qd)]. d. What is the optimal price and quantity to maximize the total revenue? P =$ TR = $ e. What is the total revenue when the price is $3.00 and quantity is 30? $ f. What is the total revenue when the price is $1.80 and quantity is 50? $ g. If demand is price elastic and the market price is $3.00 what can be done to increase the total revenue? (Click to select)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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