Sally runs a vegetable stand. The following table shows two points on the demand curve for the heirloom tomatoes she sells: Quantity demanded per week Price $5.50 $4.25 150,000 250,000 Sally's marginal revenue from lowering the price of tomatoes from $5.50 to $4.25 is $ (Enter your response rounded to two decimal places.) Lowering the price from $5.50 to $4.25 results in an output effect of $ and a price effect of $. (Enter your responses as whole numbers and include a minus sign if necessary.)

Sally runs a vegetable stand. The following table shows two points on the demand curve for the heirloom tomatoes she sells: Quantity demanded per week Price $5.50 $4.25 150,000 250,000 Sally's marginal revenue from lowering the price of tomatoes from $5.50 to $4.25 is $ (Enter your response rounded to two decimal places.) Lowering the price from $5.50 to $4.25 results in an output effect of $ and a price effect of $. (Enter your responses as whole numbers and include a minus sign if necessary.)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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