Please provide accurate and correct answers to both questions without explanation. Thank you for your assistance. Suppose that friend A suggests the price increase to increase the total revenue and on the otherhand, friend B suggests decreasing the price in order to increase the total revenue. Determine ifthe suggestions given by friend A and friend are correct or not.YOPricePP₁DQQ₁Quantity Demandeda. Both friend A and friend B are correct.b. Both friend A and friend B are incorrect.c. Friend A is correct, and Friend B is incorrect.d. Friend A is incorrect, and Friend B is correct. What does this price line represent?Price ($)10090807060504030201000Market for Concert Tickets010 2030 40 5060Quantity (books)a. Binding price floorb. Non-binding price floorc. Binding price ceilingd. Non-binding price ceiling70D80S90 100

Total revenue refers to the total amount of money that a firm or business generate from selling its…

Suppose that friend A suggests the price increase to increase the total revenue and on the other hand, friend B suggests decreasing the price in order to increase the total revenue. Determine if the suggestions given by friend A and friend are correct or not. YAO D

Suppose that friend A suggests the price increase to increase the total revenue and on the other hand, friend B suggests decreasing the price in order to increase the total revenue. Determine if the suggestions given by friend A and friend are correct or not. YAO D

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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