a. Complete the total revenue column from the demand-schedule data given below.   Price Quantity Demanded Total Revenue $ 5 1 $  4 2   3 3   2 4   1 5     b. Graph the demand curve and total revenue curve in the diagrams below. Instructions: Using the diagram on the left for demand, use the tool provided 'Demand' to plot each price-quantity combination (plot 5 points total). Using the diagram on the right for total revenue, use the tool provided 'TR' to plot each quantity-revenue combination (plot 5 points total).     c. Price and total revenue move in the opposite direction when demand is _________.

Economics:
10th Edition
ISBN:9781285859460
Author:BOYES, William
Publisher:BOYES, William
Chapter1A: Appendix: Working With Graphs
Section: Chapter Questions
Problem 1E
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a. Complete the total revenue column from the demand-schedule data given below.

 

Price Quantity Demanded Total Revenue
$ 5 1
4 2  
3 3  
2 4  
1 5  

 

b. Graph the demand curve and total revenue curve in the diagrams below.

Instructions: Using the diagram on the left for demand, use the tool provided 'Demand' to plot each price-quantity combination (plot 5 points total). Using the diagram on the right for total revenue, use the tool provided 'TR' to plot each quantity-revenue combination (plot 5 points total).

 
 

c. Price and total revenue move in the opposite direction when demand is _________.

 
 
 
 
 
 
 
 
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