Micro Economics For Today
10th Edition
ISBN: 9781337613064
Author: Tucker, Irvin B.
Publisher: Cengage,
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Chapter 9.4, Problem 1YTE
To determine
Graphical illustration of the
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Check out a sample textbook solutionStudents have asked these similar questions
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)
TOTAL REVENUE (Dollars)
195
180
165
910
150
1130
800
1020
090
135
580
120
470
105
360
On the following graph, use the green point (triangle symbol) to plot the weekly total revenue when the market price is $30, $45, $60, $75, $90,
$105, and $120 per scooter.
250
75
140
60
45
30
15
0
Demand
03 6 9 12 15 18 21 24 27 30 33 36 39
QUANTITY (Scooters)
0 15 30 45
Total Revenue
60 75 90 105 120 125 150 165 180 195
PRICE (Dollars per scooter)
A
Total Revenue
?
(?)
According to the midpoint method, the price elasticity of demand between points A and B is approximately
Suppose the price of scooters is currently $30 per scooter, shown as point B on the initial graph. Because the demand between points A and B is
in total revenue per week.
a $15-per-scooter increase in price will lead to
In general,…
Briefly list and elaborate on the factors that will be affecting the supply of the car in the next several years. Do you think these factors will cause the supply to increase or decrease?
In 2019, a ski resort increased the prices it charged for one-day ski passes and season passes. If
someone buys a season pass, he can ski as many days as he wishes. The table below provides
information on the prices and the number of passes sold in 2018 and 2019.
Type of Pass
One day
Season
Price in 2018
x 34000
$60
$1,200
Number of Passes
Sold in 2018
5,000
250
Price in 2019
$80
$1,400
Given the information in the table, we know that the revenue earned from selling day passes
changed by $ 52000
, and the revenue earned from selling season passes changed by $
Number of Passes
Sold in 2019
3,100
190
From the answers to Part 1, we know that the demand for day passes is elastic
demand for season passes is inelastic
and the
Chapter 9 Solutions
Micro Economics For Today
Ch. 9.1 - Prob. 1GECh. 9.1 - Prob. 2GECh. 9.2 - Prob. 1YTECh. 9.4 - Prob. 1YTECh. 9 - Prob. 1SQPCh. 9 - Prob. 2SQPCh. 9 - Prob. 3SQPCh. 9 - Prob. 4SQPCh. 9 - Prob. 5SQPCh. 9 - Prob. 6SQP
Ch. 9 - Prob. 7SQPCh. 9 - Prob. 8SQPCh. 9 - Prob. 9SQPCh. 9 - Prob. 10SQPCh. 9 - Prob. 11SQPCh. 9 - Prob. 12SQPCh. 9 - Prob. 13SQPCh. 9 - Prob. 1SQCh. 9 - Prob. 2SQCh. 9 - Prob. 3SQCh. 9 - Prob. 4SQCh. 9 - Prob. 5SQCh. 9 - Prob. 6SQCh. 9 - Prob. 7SQCh. 9 - Prob. 8SQCh. 9 - Prob. 9SQCh. 9 - Prob. 10SQCh. 9 - Prob. 11SQCh. 9 - Prob. 12SQCh. 9 - Prob. 13SQCh. 9 - Prob. 14SQCh. 9 - Prob. 15SQCh. 9 - Prob. 16SQCh. 9 - Prob. 17SQCh. 9 - Prob. 18SQCh. 9 - Prob. 19SQCh. 9 - Prob. 20SQ
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- Bob of Bob's Burgers used to charge $2.20 for a certain hamburger and sold 4000 units. When he increased the price by $1, he sold 3000 units. Calculate the hamburger's price elasticity of demand using the technique in the PowerPoints and text. You will use this information again in the next question.Enter only numbers, a decimal point, and/or a negative sign as needed. Round all intermediate steps to four decimal places and your final answer to two decimal places.arrow_forwardIn 2019, a ski resort increased the prices it charged for one-day ski passes and season passes. If someone buys a season pass, he can ski as many days as he wishes. The table below provides information on the prices and the number of passes sold in 2018 and 2019. Number of Passes Number of Passes Type of Pass Price in 2018 Price in 2019 Sold in 2018 Sold in 2019 One day $60 5,000 $80 4,200 Season $1,200 250 $1,400 225 Given the information in the table, we know that the revenue earned from selling day passes changed by $ ,and the revenue earned from selling season passes changed by $arrow_forwardTyped plzzz and Asap Thanksarrow_forward
- The following graph shows the daily demand curve for bikes in Denver. 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. 240 220 200 Total Revenue 180 160 140 120 100 80 60 40 20 Demand 9 18 27 36 45 54 63 72 81 90 99 108 QUANTITY (Bikes) PRICE (Dollars per bike)arrow_forwardCreate a Graphical Presentation of the Demand Curve and give Interpretationsarrow_forwardplease type your answerarrow_forward
- The following graph shows the daily demand curve for bikes in San Francisco. 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. 240 220 200 Total Revenue 180 180 140 120 100 A 80 B 60 40 20 Demand 18 27 36 45 54 63 72 81 90 99 108 QUANTITY (Bikes) PRICE (Dollars per bike)arrow_forwardTyped plz Please provide me a quality solution and take care of plagiarism also show each and every steparrow_forwardUse a graph to illustrate the relevant category of price elasticity of demand.arrow_forward
- What impact is Walmart's acquisition of non traditional retailers likely to have on the shopping habits of Walmart's customers?arrow_forwardThe following graph illustrates the weekly demand curve for motorized scooters in Scottsdale. 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) TOTAL REVENUE (Dollars) 8700 8100 7500 6900 6300 5700 5100 4500 3900 325 3300 300 275 250 225 200 175 150 125 100 75 On the following graph, use the green point (triangle symbol) to plot the weekly total revenue when the market price is $50, $75, $100, $125, $150, $175, and $200 per scooter. (?) 50 25 0 0 10 20 *4 0 25 50 Xo Demand 30 40 50 60 70 80 90 100 110 120 130 QUANTITY (Scooters) Total Revenue 75 100 125 150 175 200 225 250 275 300 325 PRICE (Dollars per scooter) (?) Total Revenue According to the midpoint method, the price elasticity of demand between points A and B is approximatelyarrow_forwardon graph paper plot demand and supply curves for chocolate bars on one graph with price of a chocolate bars in the vertical axisarrow_forward
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