Please Help. Answer all questions including the fill in the graph question. OLANITY FBeverl2GKarimincrease production from 4 to 5 fire engines because theO TrueO Falsedominates in this scenario.True or False: If alternatively Karim's HookNLadder were a competitive firm and $105,000 were the market price for an engine, decreasing its pricefrom $105,000 to $90,000 would result in the same change in the production quantity and, thus, total revenue. AttemptsKeep the Highest/33. The components of marginal revenueKarim's HookNLadder is the only company selling fire engines in the fictional country of Alexandrina. Karim initially produced four trucks, but thendecided to increase production to five trucks. The following graph gives the demand curve faced by Karim's HookNLadder. As the graph shows, in orderto sell the additional fire truck, Karim must lower the price from $105,000 to $90,000 per truck. Notice that Karim gains revenue from the sale of theadditional engine, but at the same time, he loses revenue from the initial four engines because they are all sold at the lower price.Use the purple rectangle (diamond symbols) to shade the area representing the revenue lost from the initial four engines by selling at $90,000 ratherthan $105,000. Then use the green rectangle (triangle symbols) to shade the area representing the revenue gained from selling an additional engineat $90,000.

There is an inverse relationship between the quantity demanded and its own price. A fall in price…

Karim increase production from 4 to 5 fire engines because the O True O False dominates in this scenario. True or False: If alternatively Karim's HookNLadder were a competitive firm and $105,000 were the market price for an engine, decreasing its price from $105,000 to $90,000 would result in the same change in the production quantity and, thus, total revenue.

Karim increase production from 4 to 5 fire engines because the O True O False dominates in this scenario. True or False: If alternatively Karim's HookNLadder were a competitive firm and $105,000 were the market price for an engine, decreasing its price from $105,000 to $90,000 would result in the same change in the production quantity and, thus, total revenue.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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