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

ENGR.ECONOMIC ANALYSIS
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ISBN:9780190931919
Author:NEWNAN
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Chapter1: Making Economics Decisions
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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
 
 
10
9.
New Price/Quantity
8
7
4
3
2
1
+
1
2
4
7
8
9
10
BOLTS (Pounds)
PRICE (Dollars per pound)
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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