Quantity Price (Dollars per cell phone) 200 (Cell phones per year) 50 45 250 300 350 40 35 400 30 a. What happens to total revenue if the price falls from $400 to $350 a phone and from $350 to $300 a phone? b. At what price is total revenue at a maximum?
Quantity Price (Dollars per cell phone) 200 (Cell phones per year) 50 45 250 300 350 40 35 400 30 a. What happens to total revenue if the price falls from $400 to $350 a phone and from $350 to $300 a phone? b. At what price is total revenue at a maximum?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
![Quantity
Price
(Dollars per cell phone)
200
(Cell phones per year)
50
45
250
300
350
40
35
400
30
a. What happens to total revenue if the price falls from $400 to $350 a phone and from $350
to $300 a phone?
b. At what price is total revenue at a maximum?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe4f36d27-119d-4152-9ad4-5b760233933a%2F1767057f-4f10-4c9b-a158-6c76c6e42959%2F9qdew8e.jpeg&w=3840&q=75)
Transcribed Image Text:Quantity
Price
(Dollars per cell phone)
200
(Cell phones per year)
50
45
250
300
350
40
35
400
30
a. What happens to total revenue if the price falls from $400 to $350 a phone and from $350
to $300 a phone?
b. At what price is total revenue at a maximum?
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