please give me correct answer with drawing graph otherwise give Downvote The price elasticity of demand for a meal in John's Diner is .50. John is considering decreasing the price of the meal from $7.35 to $7.00. Is this a good decision? Explain your answer using an appropriate diagram.

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Answered: The price elasticity of demand for a…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Dear expert bro hand written not allowed.
please could you draw out the diagram, i cannot picture it
6 5 nts eBook Print References Mc Graw Hill Output 0 1 2 3 4 5 6 7 8 9 $ Total Cost $2,500 3,410 4,040 4,480 4,900 5,220 5,540 6,310 7,320 9,710 units variabl Cost $ 0 b. What is the value of total fixed cost? units 910 1540 1980 2400 2720 3040 3810 4820 7210 Marginal Cost 1 c. What is the most productive level of output? $ 910 630 440 420 320 320 770 1010 2390 d. At what output is economic capacity? Output: e. If TFC doubled, what is the marginal cost of the 7th unit? Marginal cost: $ Average Total Cost 1 $ 3410 2020 1493.33 H a 1225 1044 923.33 901.42 915 1078.89 a Average Variable Cost D $ 1 625 500 416.67 35713 312.5 27778
What is the average variable cost of 4 oil change?
Please give me accurate answer with fluu explanation otherwise i give multipe downvote 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.
What is the relationship between marginal cost (MC) curves and average cost (AC) curves? You may use a graph help you illustrate whenever necessary.
1.Prepare a table with MC, ATC, AVC and AFC curves. Be sure to INCLUDE NUMBERS IN YOUR GRAPH. ALSO, PLOT THE CURVES Please create a picture illustration using the provided instructions. Example numbers may be used to complete the question. Please include details as I need an understanding of the material. If you don't understand the question skip it please.
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explain how the curve shift on a graph and why they shift
please view photo uploaded
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Calculate and plot the following: No of units Total cost 0 2 1 9 2 12 3 15 4 20 5 30 6 42 Variable cost Fixed cost Average fixed cost Average variable cost Marginal cost

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The price elasticity of demand for a meal in John's Diner is .50. John is considering decreasing the price of the meal from $7.35 to $ 7.00. Is this a good decision? Explain your answer using an appropriate diagram.