TOTAL REVENUE (Dan) 3520 X200 2680 1940 2240 1920 1600 1290 940 640 120 0 0 B 64 72 10 24 33 40 48 M QUANTITY (ipptybops per day) 80 Total Revenue According to the midpoints formula, the price elasticity of demand between points A and B on the initial graph is approximately Suppose the price of bippitybops is currently $160 per bippitybop, shown as point A on the initial graph. Because the price elasticity of demand a $20-per-bippitybop decrease in price will lead to in total revenue per day. between points A and B is order for a price increase to cause a decrease in total revenue, demand must be

TOTAL REVENUE (Dan) 3520 X200 2680 1940 2240 1920 1600 1290 940 640 120 0 0 B 64 72 10 24 33 40 48 M QUANTITY (ipptybops per day) 80 Total Revenue According to the midpoints formula, the price elasticity of demand between points A and B on the initial graph is approximately Suppose the price of bippitybops is currently $160 per bippitybop, shown as point A on the initial graph. Because the price elasticity of demand a $20-per-bippitybop decrease in price will lead to in total revenue per day. between points A and B is order for a price increase to cause a decrease in total revenue, demand must be

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Calculate the daily total revenue when the market price is $180, $160, $140, $120, $100, $80, 560, and $40 per bippitybop, Then, use the green
point (triangle symbol) to plot the daily total revenue against quantity corresponding to these market prices on the following graph
TOTAL REVENUE (Dollar)
3440
3520
3200
2640
2560
2240
1920
1600
1280
940
640
320
0
0
E
10 24 32 40
M
QUANTITY (Bippitybops per day)
11
64
40
Total Revenue
According to the midpoints formula, the price elasticity of demand between points A and B on the initial graph is approximately
Suppose the price of bippitybops is currently $160 per bippitybop, shown as point A on the initial graph. Because the price elasticity of demand
in total revenue per day.
between points A and B is
a $20-per-bippitybop decrease in price will lead to
In general, in order for a price increase to cause a decrease in total revenue, demand must be

PRICE (Dollars per bippitybop)
200
180
160
140
120
100
80
60
40
20
O
0
1
xe
Demand
48 56 64 72 00
QUANTITY (Bippitybops per day)
8 18 24 32 40
Total Revenue
Calculate the daily total revenue when the market price is $180, $160, $140, $120, $100, $80, $60, and $40 per bippitybop. Then, use the green
point (triangle symbol) to plot the daily total revenue against quantity corresponding to these market prices on the following graph.

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