Imagine you are the owner of a business manufacturing and selling a particular type of table in the home furniture industry. Also, you have carried out some market research and found that the total number of customers wishing to buy the table varies with changes in price of the table as shown below. Product. Table Price (E) Quantity Demanded 100 140 180 220 260 300 340 380 770 680 610 550 500 460 400 320 Q1) Calculate total revenues at different prices Q2) Which price would yield the greatest revenue? Q3) Draw the demand curve for the tables

Imagine you are the owner of a business manufacturing and selling a particular type of table in the home furniture industry. Also, you have carried out some market research and found that the total number of customers wishing to buy the table varies with changes in price of the table as shown below. Product. Table Price (E) Quantity Demanded 100 140 180 220 260 300 340 380 770 680 610 550 500 460 400 320 Q1) Calculate total revenues at different prices Q2) Which price would yield the greatest revenue? Q3) Draw the demand curve for the tables

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter14: Pricing Techniques And Analysis

Section: Chapter Questions

Problem 1E

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