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3. When this firm is producing at the profit-maximizing price and quantity, its total revenue is $_______.
4. The total revenue when a firm is profit maximizing is $________.
5. The total cost when a firm is profit maximizing is $_________.
6. The profit when a firm is profit maximizing is $________.
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- On the following graph, use the green point (triangle symbol) to plot the weekly total revenue when the market price is $30, $45, $60, $75, $90, $105, and $120 per scooter. TOTAL REVENUE (Dollars) 1460 1320 1180 1040 900 760 620 480 340 200 0 15 30 45 60 75 90 105 120 135 150 165 180 195 PRICE (Dollars per scooter) Total Revenue ?Is the change in revenue related to an increase in units sold, an increase in prices, or somecombination?What is meant by the the term rational consumer. Please explain
- On the following graph, use the green point (triangle symbol) to plot the weekly total revenue when the market price is $30, $45, $60, $75, $90, $105, and $120 per scooter. TOTAL REVENUE (Dollars) 1460 1320 1180 1040 900 760 620 480 340 200 + 0 15 30 45 60 75 90 105 120 135 150 165 180 195 PRICE (Dollars per scooter) Total Revenue ? According to the midpoint method, the price elasticity of demand between points A and B is approximately Suppose the price of scooters is currently $45 per scooter, shown as point B on the initial graph. Because the demand between points A and B is ▼, a $15-per-scooter increase in price will lead to in total revenue per week. In general, in order for a price increase to cause a decrease in total revenue, demand must beEvaluate the behavior of consumers in terms of the demand for productsAt point A on the demand curve shown below, how will a 1 percent increase in the price of the product affect total expenditure on the product? Price ($/week) 8 7 6 4 3 2 1 0 2 4 6 Demand 8 10 12 14 16 18 20 Quantity (units/week) Instructions: Enter your response rounded to the nearest whole number. Total expenditure will (Click to select) by about %.
- What if the product is price inelastic, how will this affect your decision in setting price?(Figure: French Fries and Apple Pie Slices) If income is $24 and apple pie slices sell for $6 each, which point in this figure represents the utility-maximizing consumption bundle? French Fries A 3 0 point a a d 4 Apple Pie Slices 6 10 4₁How would I calculate the percentage change in price for these? (Not graded just a practice worksheet for a quiz tomorrow)