Give me accurate answer; otherwise, I will give multiple downvote and complain to bartelby..Please properly Draw Note:-Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism.Answer completely and accurate answer.Rest assured, you will receive an upvote if the answer is accurate. Suppose the demand for Northface pullovers is illustrated in the figure to the right.Suppose the price of Northface pullovers is $70. What is total revenue? $7000. (Enter anumeric response using a real number rounded to two decimal places.)Now suppose the price of Northface pullovers increases to$90. What is total revenue now? $4500Given the change in total revenue caused by the price increase, demand for Northface pulloversis elasticPrice of Northface pullovers140-130-120-110-100-90-80-70-60-50-40-30+20-10-0-020BD40 60 80 100 120 140 160 180 200Quantity of Northface pulloversQ

Demand elasticity measures how sensitive a good's quantity desired is to variations in its price. It…

Answered: Suppose the demand for Northface…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Give me accurate answer; otherwise, I will give multiple downvote and complain to bartelby..Please properly Draw

Note:-

Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism.

Answer completely and accurate answer.

Rest assured, you will receive an upvote if the answer is accurate.

Suppose the demand for Northface pullovers is illustrated in the figure to the right.
Suppose the price of Northface pullovers is $70. What is total revenue? $7000. (Enter a
numeric response using a real number rounded to two decimal places.)
Now suppose the price of Northface pullovers increases to
$90. What is total revenue now? $4500
Given the change in total revenue caused by the price increase, demand for Northface pullovers
is elastic
Price of Northface pullovers
140-
130-
120-
110-
100-
90-
80-
70-
60-
50-
40-
30+
20-
10-
0-
0
20
B
D
40 60 80 100 120 140 160 180 200
Quantity of Northface pullovers
Q

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