20 18 16 14 12 PRICE (Millions of dollars per spacesuits) -8 -10 -12 NON 10 -14 -16 -18 -20 0 1 2 3 5 6 7 QUANTITY (Spacesuits per month) MR Revenue Demand Price Effect 8 9 10 Quantity Effect Complete the following table by finding out the price and quantity effects for the following changes in the price. (Hint: When the price changes from $14 million to $12 million, be sure to enter the revenue value at $12 million. And so on.) Price change From $14 to $12 From $12 to $10 From $10 to $8 From $8 to $6 From $6 to $4 From $4 to $2 Revenue Price effect (Millions of dollars) Quantity effect

20 18 16 14 12 PRICE (Millions of dollars per spacesuits) -8 -10 -12 NON 10 -14 -16 -18 -20 0 1 2 3 5 6 7 QUANTITY (Spacesuits per month) MR Revenue Demand Price Effect 8 9 10 Quantity Effect Complete the following table by finding out the price and quantity effects for the following changes in the price. (Hint: When the price changes from $14 million to $12 million, be sure to enter the revenue value at $12 million. And so on.) Price change From $14 to $12 From $12 to $10 From $10 to $8 From $8 to $6 From $6 to $4 From $4 to $2 Revenue Price effect (Millions of dollars) Quantity effect

Principles of Microeconomics

7th Edition

ISBN:9781305156050

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter5: Elastic And Its Application

Section: Chapter Questions

Problem 7PA: Maria has decided always to spend one third of her income on clothing. a. What is her income...

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