Each small square in the grid for this graph has one side equal to 1 pound of bolts and one side equal to 1 dollar per pound. The area of one small square is therefore_______. There are ________ small squares in the purple shaded rectangle. On this graph, the area of the purple rectangle corresponds to: Jack Hardware’s revenue from selling bolts, measured in dollars The price of the bolts, measured in dollars per pound The number of bolts that Jack Hardware sold, measured in pounds None of these—the area has no meaning Now suppose Jack Hardware lowers its price to $3.00 per pound of bolts. As a result, it now sells 8 pounds of bolts. Use the blue rectangle to draw the area that corresponds to the new price and quantity. Did lowering the price of bolts increase Jack Hardware’s revenue? Yes
Each small square in the grid for this graph has one side equal to 1 pound of bolts and one side equal to 1 dollar per pound. The area of one small square is therefore_______. There are ________ small squares in the purple shaded rectangle. On this graph, the area of the purple rectangle corresponds to: Jack Hardware’s revenue from selling bolts, measured in dollars The price of the bolts, measured in dollars per pound The number of bolts that Jack Hardware sold, measured in pounds None of these—the area has no meaning Now suppose Jack Hardware lowers its price to $3.00 per pound of bolts. As a result, it now sells 8 pounds of bolts. Use the blue rectangle to draw the area that corresponds to the new price and quantity. Did lowering the price of bolts increase Jack Hardware’s revenue? Yes
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
Each small square in the grid for this graph has one side equal to 1 pound of bolts and one side equal to 1 dollar per pound. The area of one small square is therefore_______.
There are ________ small squares in the purple shaded rectangle.
On this graph, the area of the purple rectangle corresponds to:
Jack Hardware’s revenue from selling bolts, measured in dollars
The price of the bolts, measured in dollars per pound
The number of bolts that Jack Hardware sold, measured in pounds
None of these—the area has no meaning
Now suppose Jack Hardware lowers its price to $3.00 per pound of bolts. As a result, it now sells 8 pounds of bolts.
Use the blue rectangle to draw the area that corresponds to the new price and quantity.
Did lowering the price of bolts increase Jack Hardware’s revenue?
Yes
No
Transcribed Image Text:10
9.
New Price/Quantity
8
7
4
3
2
1
+
1
2
4
7
8
9
10
BOLTS (Pounds)
PRICE (Dollars per pound)
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