The diagram to the right illustrates a hypothetical demand curve representing the relationship between price (in dollars per unit) and quantity (in 1,000s of units per unit of time).The area of the triangle shown on the diagram is $\_\_\_ $.(Enter your response as an integer.)### Diagram Description#### Graph Overview:- **Axes**: - **X-axis**: Represents the quantity of goods (in 1,000s of units per unit of time). - **Y-axis**: Represents the price (in dollars per unit).#### Demand Curve:- The demand curve is depicted as a downward-sloping straight line, demonstrating the typical inverse relationship between price and quantity demanded.#### Points and Lines:- **Point D**: Located on the horizontal axis (X-axis) at (51, 39).- **Price Line at $\$65$**: A horizontal dashed line extends from 65 on the Y-axis to intersect the demand curve.- **Quantity Line at 25,000 Units**: A vertical dashed line extends from the X-axis at 25 to meet the horizontal dashed line at \$65, forming a right-angled triangle.#### Shaded Triangle:- This represents the area under the demand curve between the price of \$65 and the price of \$39, extending from a quantity of 25,000 units to 51,000 units.### Calculating the Area of the Triangle:- **Base** of the triangle: $(51 - 25) \times 1000 = 26,000 $ units.- **Height** of the triangle: $(65 - 39) = \$26$.The area of a triangle is given by the formula:\[ \text{Area} = \frac{1}{2} \times \text{base} \times \text{height} \]Plugging in the values:\[ \text{Area} = \frac{1}{2} \times 26,000 \times 26 \]Perform the calculation:\[ \text{Area} = \frac{1}{2} \times 676,000 = 338,000 \]Hence, the area of the triangle shown on the diagram is:\[ 338,000 \]

A demand curve is a graphical representation of the relationship between the price of a product or…

The diagram to the right illustrates a hypothetical demand curve representing the relationship between price (in dollars per unit) and quantity (in 1,000s of units per unit of time). The area of the triangle shown on the diagram is $ (Enter your response as an integer.) (...) Price (dollars per unit) 90- 80- 70- 65 60- 50- 40- 30- 20- 10- 0 39 25 :51 10 20 30 40 50 60 70 80 90 Quantity (1,000s of units per unit of time)

The diagram to the right illustrates a hypothetical demand curve representing the relationship between price (in dollars per unit) and quantity (in 1,000s of units per unit of time). The area of the triangle shown on the diagram is $ (Enter your response as an integer.) (...) Price (dollars per unit) 90- 80- 70- 65 60- 50- 40- 30- 20- 10- 0 39 25 :51 10 20 30 40 50 60 70 80 90 Quantity (1,000s of units per unit of time)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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