Consider the demand curve illustrated in the figure to the right. Is demand elastic or inelastic? O A. Demand is elastic at all prices above $9.00 and inelastic at all prices below $9.00. O B. Demand is elastic (at all prices). OC. Demand is inelastic (at all prices). O D. Demand is elastic at all prices above $11.00 and inelastic at all prices below $11.00. O E. Demand is inelastic at all prices above $9.00 and elastic at all prices below $9.00. At what price is total revenue maximized? Total revenue is maximized when price equals $. (Enter your response as a real number rounded to two decimal places.) 20 18 16- 14- 12- 은 10- 8- 6- 4- 2 0- 8 10 12 Quantity 14 16 D 18 20 Q Q
Consider the demand curve illustrated in the figure to the right. Is demand elastic or inelastic? O A. Demand is elastic at all prices above $9.00 and inelastic at all prices below $9.00. O B. Demand is elastic (at all prices). OC. Demand is inelastic (at all prices). O D. Demand is elastic at all prices above $11.00 and inelastic at all prices below $11.00. O E. Demand is inelastic at all prices above $9.00 and elastic at all prices below $9.00. At what price is total revenue maximized? Total revenue is maximized when price equals $. (Enter your response as a real number rounded to two decimal places.) 20 18 16- 14- 12- 은 10- 8- 6- 4- 2 0- 8 10 12 Quantity 14 16 D 18 20 Q Q
Principles of Microeconomics
7th Edition
ISBN:9781305156050
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter5: Elastic And Its Application
Section: Chapter Questions
Problem 6PA: Suppose that your demand schedule for DVDs is as follows: Price Quantity Demanded (income = 10,000)...
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19. I am confused
![Consider the demand curve illustrated in the figure to the right.
Is demand elastic or inelastic?
O A. Demand is elastic at all prices above $9.00 and inelastic at all prices below $9.00.
OB. Demand is elastic (at all prices).
O C. Demand is inelastic (at all prices).
O D.
Demand is elastic at all prices above $11.00 and inelastic at all prices below $11.00.
O E. Demand is inelastic at all prices above $9.00 and elastic at all prices below $9.00.
At what price is total revenue maximized?
Total revenue is maximized when price equals $ (Enter your response as a real number rounded to two decimal places.)
Price
20
18-
16-
14-
12-
10
8-
6
4-
2-
0-
o+
10 12
Quantity
8
14
16
İD
18
20
Q
Q](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbf9ed173-5fef-4117-8f6b-b87ca2a1e0cf%2Fd1e18008-4aaf-43bd-8e26-702cb50ace89%2F7dzsbge_processed.png&w=3840&q=75)
Transcribed Image Text:Consider the demand curve illustrated in the figure to the right.
Is demand elastic or inelastic?
O A. Demand is elastic at all prices above $9.00 and inelastic at all prices below $9.00.
OB. Demand is elastic (at all prices).
O C. Demand is inelastic (at all prices).
O D.
Demand is elastic at all prices above $11.00 and inelastic at all prices below $11.00.
O E. Demand is inelastic at all prices above $9.00 and elastic at all prices below $9.00.
At what price is total revenue maximized?
Total revenue is maximized when price equals $ (Enter your response as a real number rounded to two decimal places.)
Price
20
18-
16-
14-
12-
10
8-
6
4-
2-
0-
o+
10 12
Quantity
8
14
16
İD
18
20
Q
Q
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