10. Can a price increase lead to lower revenue? Suppose a bookstore sells 15 books a day. The price of one book increases from $10 to $12. At this price, the store sells 10 books a day. Discuss the revenue of the store in this case.
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Question 10 (page142)
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- 25) What is the profit-maximizing price? 26) What is the profit-maximizing quantity? 27) What is total revenue at the profit-maximizing quantity?Solve for Question (C) How to Maximize RevenueOnly typed answer Why does Werther’s Original candy tend to have an elastic demand? options: because Werther’s Original candy is considered by some to be a necessity because it is usually eaten quickly and therefore the time horizon is short because the candy market is too broadly defined because there are many close substitutes for Werther’s
- 3. When this firm is producing at the profit-maximizing price and quantity, its total revenue is $_______. 4. The total revenue when a firm is profit maximizing is $________. 5. The total cost when a firm is profit maximizing is $_________. 6. The profit when a firm is profit maximizing is $________.Output (Units) PRICE Total Revenue 1 50 2 45 3 40 4 35 5 30 Q1. The law of demand apply in the values of table. Fill the table with the help of given information.Walkers’ Shoes reports the following demand schedule for its black brogues. Price 1600 800 400 200 100 50 25 12.5 Quantity Demand 2 4 8 16 32 64 128 256 What is the effect on Walkers Shoes’ total revenue of doubling the quantity of shoes which it supplies? What is the value of its marginal revenue? How does your answer relate to the value of the price elasticity of demand?
- Explain the elasticity and total revenue with the help of graph?please answer with the help of graphsGood or Service Price Elasticity Income Elasticity Beef -0.5 0.51 Long Distance Telephone -0.32 1.2 Cigarettes All smokers -0.7 0.9 Ages 15-18 -1.4 1.5 What will happen to sales for long-distance telephone if its price increases by 5% and income increases by 8%? Select one: a. Sales will decrease by 5%. b. Sales will increase by 5%. c. Sales will decrease by 8%. d. Sales will increase by 8%.Small businesses typically do not observe the demand curves for the products they sell. For example, a local bakery could not draw the demand curve for its loaves of sourdough bread. Without this important information, how would the local bakery maximize its revenue?
- *2. The demand for meat pies is given by Qd = 60,000 – 10,000P. The current price for meat pies is $3.50. a) If the price increases, will more or less money be spent on meat pies? b) At what point will revenue on pies be maximized? 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.12. What will happen to the market supply curve of gadgets if a new gadget producer enters the market? It will not change. It will become more elastic. There is insufficient data to determine. It will shift right at every price with more output supplied. It will shift left at every price with less output supplied.Q1. From the given table calculate Elasticity of Price, Total Revenue and Marginal Revenue.Also, explain the relationship between AR and MR? Price Quantity Total Revenue Marginal Revenue 6 0 5 100 4 200 3 300 2 400 1 500 0 600