6. Elasticity and total revenueThe following graph illustrates the weekly demand curve for motorized scooters in Moline.Use the green rectangle (triangle symbols) to compute total revenue at various prices along the demand curve.Note: You will not be graded on any changes made to this graph.PRICE (Dollars per scooter)130120TOTAL REVENUE (Dollars)1101009080 +70605040302010024802240200017601520On the following graph, use the green point (triangle symbol) to plot the weekly total revenue when the market price is $20, $30, $40, $50, $60, $70,and $80 per scooter.12801040800560A+0320B10 20 30+0 10 20Demand++40 50 60 70 80 90 100 110 120 130QUANTITY (Scooters)Total Revenue30 40 50 60 70 80 90 100 110 120 130PRICE (Dollars per scooter)Total Revenue(?)(?)According to the midpoint method, the price elasticity of demand between points A and B is approximatelySuppose the price of scooters is currently $80 per scooter, shown as point A on the initial graph. Because the demand between points A and B is▼ , a $10-per-scooter decrease in price will lead toin total revenue per week.In general, in order for a price decrease to cause a decrease in total revenue, demand must beY

Demand curve depicts the inverse relationship between price and quantity demanded, keeping other…

The following graph illustrates the weekly demand curve for motorized scooters in Moline. Use the green rectangle (triangle symbols) to compute total revenue at various prices along the demand curve. Note: You will not be graded on any changes made to this graph. CE (Dollars per scooter) 130 REVENUE (Dollars) 120 110 100 90 80 70 60 50 40 30 20 10 0 2400 2240 2000 1760 1520 1280 1040 On the following graph, use the green point (triangle symbol) to plot the weekly total revenue when the market price is $20, $30, $40, $50, $60, $70, and $80 per scooter. 800 560 4 320 0 A 0 + B 10 20 30 Demand 40 50 60 70 80 90 100 110 120 130 QUANTITY (Scooters) 10 20 30 40 50 Total Revenue. 60 70 80 90 100 110 120 130 Total Revenue (? (?)

The following graph illustrates the weekly demand curve for motorized scooters in Moline. Use the green rectangle (triangle symbols) to compute total revenue at various prices along the demand curve. Note: You will not be graded on any changes made to this graph. CE (Dollars per scooter) 130 REVENUE (Dollars) 120 110 100 90 80 70 60 50 40 30 20 10 0 2400 2240 2000 1760 1520 1280 1040 On the following graph, use the green point (triangle symbol) to plot the weekly total revenue when the market price is $20, $30, $40, $50, $60, $70, and $80 per scooter. 800 560 4 320 0 A 0 + B 10 20 30 Demand 40 50 60 70 80 90 100 110 120 130 QUANTITY (Scooters) 10 20 30 40 50 Total Revenue. 60 70 80 90 100 110 120 130 Total Revenue (? (?)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Imagine that you run the toll authority for a city bridge. You must charge all of your customers the exact same toll. Initially, you have set the price at $2 per trip. The blue line on the following graph shows the weekly demand curve for trips across the city bridge. On the following graph, use the purple rectangle (diamond symbols) to shade the area representing the total weekly revenue when the toll is $2 on the graph. Notice that when you click on the rectangle, the area is displayed. (? 10 TR at $2 8 Demand 7 TR at $3 5 2 1 8 12 16 20 24 28 32 38 40 QUANTITY (Thousands of vehicles per week) An advisor has suggested that you raise the toll to $3, the toll authority would bring in more revenue. To analyze this, use the green rectangle (triangle symbols) to shade the area representing the total weekly revenue when the toll is $3 on the graph. When the toll is $2, total revenue is S per week, but when the toll is $3, total revenue is $ per week. Based on your analysis, you can…
Hans is a butcher in Washington. The following contains data on prices and weekly sales at his shop Good Beef Chicken Price 9.00/lbs $4.00/lbs Quantity 400 lbs 300 lbs ShS He estimates that the own price elasticity for beef is 2 and for chicken is .75. He also estimates that the cross price elasticity for chicken is .60. His current revenue from the sale of these two goods is making a total of $4800/week. In the spirit of the return to good times and outdoor grilling, he has decided to lower the price of beef for the summer, from $9.00 to $8.55. Overall, Hans can expect to take in dollars in revenue, given the information in this problem? (Revenue = Price x sales). Record your answer without a dollar sign and without a comma. Helpful Hint: In this problem, we are not changing the price of chicken.
Please read attached article and then use it to answer the following questions. Do companies prefer to sell products that are more elastic or more inelastic? Briefly explain. What does the article describe as the best way to calculate price elasticity, and what other information is relevant to inform marketing efforts? Suppose a marketing company runs a market test and finds that the price elasticity equals -0.6. Would a company be more inclined to increase or to decrease price given this elasticity? Explain what would happen to quantity purchased (by how much it would change) and total revenue (would it increase, decrease, or stay the same) if the company were to decrease price by 10%.
Use the green rectangle (triangle symbols) to compute total revenue at various prices along the demand curve. Note: You will not be graded on any changes made to this graph. PRICE (Dollars per scooter) 325 300 275 250 225 200 175 150 125 100 75 50 25 0 09 18 27 A + 36 45 54 63 72 81 QUANTITY (Scooters) B Demand 90 90 99 108 117 Total Revenue ?
K A retail chain will buy 700 cordless phones if the price is $40 each and 500 if the price is $50. A wholesaler will supply 550 phones at $20 each and 1950 at $60 each. Assuming that the supply and demand functions are linear, find the market equilibrium point and explain what it means. Market equilibrium occurs when the number of units is and the price is $ per unit.
Mostly need help with the graph, but a short explanation on how to arrive at the answer for the fill in the blank section would also be great. Thanks!
Please help answer the following questions
explain how and when demand and supply have changed (shifted) for online shopping. Provide examples of historical or current events where market demand and market supply for online shopping have shifted significantly, and state the factors that you believe have caused the shift in supply and/or in demand.
Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
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How do I calculate the price elasticity in this chart? and how do I graph the results? P Q Price Total Elasticity Revenue $9.00 1 - 9 $8.00 2 16 $7.00 3 21 $6.00 4 24 $5.00 5 25 $4.00 6 24 $3.00 7 21 $2.00 8 16
Assume workers in labour market M are qualified to work in an alternative competitive labour market N, and vice versa. What will happen to the wage rate and level of employment in market M if there is an increase in the demand for labour in market N?