Price of Strawberries (p) Quantity Demanded 45,000 5 37,000 26,000 20,000 10 20 30 40 15,000 50 10,000 1. Using the table above plot the information and draw the demand curve for strawberries 2. Use the graph to estimate the demand for strawberries if the price was: a) 15 b) 35 c) 60 3. If the producers were interesting in selling a set amount of produce rather than looking to revenue maximise, what should they charge to sell a) 23,000 b) 40,000 4. If the producers wanted to revenue maximise how many strawberries should they produce and at what price should they sell 5. Explain why the demand curve for strawberries slopes downwards?
Price of Strawberries (p) Quantity Demanded 45,000 5 37,000 26,000 20,000 10 20 30 40 15,000 50 10,000 1. Using the table above plot the information and draw the demand curve for strawberries 2. Use the graph to estimate the demand for strawberries if the price was: a) 15 b) 35 c) 60 3. If the producers were interesting in selling a set amount of produce rather than looking to revenue maximise, what should they charge to sell a) 23,000 b) 40,000 4. If the producers wanted to revenue maximise how many strawberries should they produce and at what price should they sell 5. Explain why the demand curve for strawberries slopes downwards?
Microeconomics A Contemporary Intro
10th Edition
ISBN:9781285635101
Author:MCEACHERN
Publisher:MCEACHERN
Chapter5: Elasticity Of Demand And Supply
Section: Chapter Questions
Problem 14PAE
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Transcribed Image Text:Quantity Demanded
45,000
37,000
Price of Strawberries (p)
5
10
20
26,000
30
20,000
40
15,000
50
10,000
1. Using the table above plot the information and draw the demand curve for
strawberries
2. Use the graph to estimate the demand for strawberries if the price was:
a) 15
b) 35
c) 60
3. If the producers were interesting in selling a set amount of produce rather than
looking to revenue maximise, what should they charge to sell
a) 23,000
b) 40,000
4. If the producers wanted to revenue maximise how many strawberries should
they produce and at what price should they sell
5. Explain why the demand curve for strawberries slopes downwards?
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