The diagram below shows a demand line (green) and revenue curve (red) for a certain good. The horizontal axis is price in £. For the demand line, the vertical axis gives the number of units sold. For the revenue curve, the units of the vertical axis are £. Explain briefly how you can tell just by looking at the graphs that I must have gone wrong plotting the revenue curve, find the equation of the green line, the demand ? in terms of price, the correct equation of the revenue curve and the maximum revenue.
The diagram below shows a demand line (green) and revenue curve (red) for a certain good. The horizontal axis is price in £. For the demand line, the vertical axis gives the number of units sold. For the revenue curve, the units of the vertical axis are £. Explain briefly how you can tell just by looking at the graphs that I must have gone wrong plotting the revenue curve, find the equation of the green line, the demand ? in terms of price, the correct equation of the revenue curve and the maximum revenue.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
The diagram below shows a demand line (green) and revenue curve (red) for a certain good. The horizontal axis is price in £. For the demand line, the vertical axis gives the number of units sold. For the revenue curve, the units of the vertical axis are £.
Explain briefly how you can tell just by looking at the graphs that I must have gone wrong plotting the revenue curve, find the equation of the green line, the demand ? in terms of price, the correct equation of the revenue curve and the maximum revenue.
![15
-10-](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff57ee68d-dcf0-4f10-a87f-3b0edefabd2f%2Fa7e7cd71-2296-45fb-9e8f-968ad48e00bb%2F0207nd3_processed.png&w=3840&q=75)
Transcribed Image Text:15
-10-
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