d. Find the price and quantity that maximizes revenue: price = дuantity :

Q: what happens to the total revenue if the quantity of demand decrease?

A: Total revenue is the product of price and total quantity.

Q: Part I True or False Directions: Read the sentences carefully, Write TRUE if the statement is…

A: Since you have asked a multipart question, we will answer the first three parts for you. If you want…

Q: The bookstore is overstocked with old fantasy novels. It needs to get rid of the novels to make room…

A: Bookstore can able to increase the quantity demanded for fantasy novel.

Q: Elasticity of demand depends on a number of factors, including whether the product in question is a…

A: The price elasticity of demand measures the percentage change in the quantity demanded of the good…

Q: If the price of good x falls and the demand for good x is unit eleastic, then the percentage rise in…

A: Elasticity is a term used in economics to describe how the aggregate quantity demanded of an item or…

Q: Which product likely has a more in elastic demand, a movie ticket or lifesaving medication? Why?

A: Elasticity of demand is an economic measure that is used to determine the responsive nature of two…

Q: A person who has an addiction for a production will most likely have * an elastic demand for that…

A: Since you have posted multiple question. So as per answering guidelines, I will solve first question…

Q: Explain: as an entrepreneur how can you use this concept of elasticity of demand in providing better…

A: Elasticity is defined as the responsiveness or sensitiveness on the demand if the factor influencing…

Q: Why does it not charge a price below the market price?

A: In a free market, equilibrium price and equilibrium quantity is determined by the forces of demand…

Q: How does the price elasticity of demand for a product affect the revenue?

A: Price elasticity of demand tells us how changes in the price of a particular product affect quantity…

Q: In bazaars around the world, haggling over price is a way of life. Do you think a seller’s…

A: Demand elasticity is a measure of how much a product's demand changes in reaction to changes in…

Q: Explain the relationship betweenprice and quantity sold

A: Market refers to the place where goods are bought & sold. The consumers buy the goods as per…

Q: What is the market price? What is the profit-maximizing output? What is total revenue at the…

A: A horizontal MR line means that the MR remains same as more of the output is sold. In others words,…

Q: If you are selling Mercedes-Benz cars in your showroom, what product "substitutes" are available to…

A: Substitutes are those goods that can be used in place of one another. Some goods are perfect…

Q: The demand for a product is Qd=A-BP, where P is its price and A and B   are positive numbers…

A: # We know that the elasticity of demand is given as:- (Ed) = (dQd/dP) x (P/Qd) = - 5 Substituting…

Q: The price that will maximize the revenue from selling fries is

A: Solution 1)Consider the above given that X+1000p=700 X=700-1000p We know that Revenue R=X×Price

Q: Two drivers -Tom and Jerry- each drive up to a gas station. Before looking at the price, each places…

A: Quantity demanded by Tom = 10 gallons. Quantity demanded by Jerry having worth = $10

Q: As a producer, how would you use the information about elasticity to maximize your revenue? Explain

A: The revenue of the firm is calculated as price multiplied by the Quantity (TR = P * Q). It means…

Q: Which of the following was NOT something that is needed in order to be able to price discriminate?…

A: Price discrimination refers to the policy of a firm to charge different prices for the same product…

Q: You are the curator of a museum.  The museum is running short of funds, so you decide to increase…

A: The decision of the curator of a museum will be based on the price elasticity of demand. The price…

Q: Refer to the table below to answer the questions. Use the mid-point formula. $4 A 10 B 9. C 8 7 F…

A: Since you have posted a question with multiple parts, we will solve only the first part. To get…

Q: When the price =10000- 100(Demand), the demand that = maximize the total revenue

A: Price = 10000 - 100 (Demand) The above function is the demand equation. -----------------  Total…

Q: SOLVE FOR ELASTICITY. You need to solve all the blank spaces after the quantity demanded column. You…

A: Point Price Quantity Demanded F 8 0 A 7.2 10 B 4 50 C 0.8 90 G 0 100

Q: Refer to the table below to answer the questions. Use the mid-point formula. $4 10 B 9. 7 6 Demand 1…

A: Since you have posted a question with multiple parts, we will solve only the first part. To get…

Q: According to the following points on a demand curve, which would be the ideal price for a company to…

A: Demand curve is downward sloping, it shows the inverse relationship between price and quantity…

Q: What if a new restaurant entry increased consumer elasticity of demand for the sushi appetizer from…

A: Profit is the excess amount of total revenue over the total cost.

Q: Suppose Brian is in the market for a used textbook and the campus bookstore is having a sale. If the…

A: Percentage change denotes a degree of change over time and is used in finance for a variety of…

Q: A good with elasticity of demand greater than 1 has high elasticity True/False

A: Elasticity of demand measures the responsiveness of change in quantity demanded due to change in…

Q: In the figure above, when the price increases from point A to point B, the quantity effect on Total…

A: The quantity effect on total revenue will be = 800 - 1200 * 30 = -12000

Q: You produce jewellery boxes. If the demand for jewellery boxes is elastic and you want to increase…

A: The revenue is maximum at unit elastic demand and the price and absolute value of elasticity are…

Q: A person who has an addiction for a production will most likely have * an elastic demand for that…

A: "Since you have asked multiple questions, we will solve first question for you .. If you want any…

Q: Refer to the table below to answer the questions. Use the mid- point formula. $4 10 B 8 F Demand 1 2…

A: Since multiple questions are asked here, we will answer the first question for you. If you want any…

Q: Give 5 classifications of demand and give one example for each. (at most 2 sentences)

A: Meaning of Demand and Supply: The term demand refers to the willingness of an individual to…

Q: Difference between income elasticity and cross elasticity of Demand ?

A: In Microeconomics, the notion of elasticity is used to measure the variability registered in…

Q: Suppose a college has an enrollment of !0,000 students and all the students live in dorms and have a…

A: here we can conclude the following parts which are as follow-

Q: Please draw a demand curve. Label everything possible.

A: A demand curve is a graph that depicts the relationship between the price of a commodity and the…

Q: Name some of the challenges marketers encounter when developing advertising and promotional…

A: The firms manufacturing a product have its own risk and benefits like-wise the marketing aspect of…

Q: hat is the profit-maximizing price? B) What is the profit-maximizing quantity? C) What is total…

A: Profit Maximization is the Point at which a firm is earning a maximum profit at that level of output…

Q: Refer to the table below to answer the questions. Use the mid-point formula. $4 A 10 B 9. E 7 Demand…

A: Since you have posted a question with multiple parts, we will solve only the first part. To get…

Q: Mandy has a lemonade stand. Her mother pays for all of her supplies, so she only cares about…

A: In a market, a firm uses different approaches to analyze their benefit from making economic…

Q: Why do some frozen pizzas cost more than others? Think generic versus name brand. Why would a…

A: The price of the product reflects the cost of the good or service in making with addition to the…

Q: If demand is inelastic, how will a decrease in price change total revenue? Explain.

A: In total expenditure method, price elasticity of demand (ep) is measured by determining the…

Q: What is the relationship between the price elasticity of demand and total revenue?

A: Meaning of Price Elasticity of Demand: The price elasticity of demand refers to the situation…

Q: How would the following changes in price affect total revenue? That is, would total revenue…

A: Total revenue is the amount of total sales of goods and services. It can be calculated by…

Q: With an elastic demand curve, an increase in the price leads to a decrease in quantity demanded that…

A: The elasticity refers to the responsiveness of the quantity demand due to change in the price. If…

Q: As a producer, how would you use the information about elasticity to maximize your revenue? Explain.

A: The producers in a market are the firms which operate with the purpose of making profits, and…