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ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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
Transcribed Image Text:7. Herb sells apples from his family's farm at the Farmer's Market on the weekends. His revenue is affected by
the price that he charges per dozen of apples. Use the graph to estimate the revenue at $1.00/dozen and
$2.00/dozen.
Apple Sales
R
1000
800
600
400
200
|1.00 2.00 3.00 4.00 P
Price per Dozen Apples ($)
a. $425 and $450
b. $425 and $800
c. $800 and $425
d. $800 and $800
UOor If it is worth $934 now,
Revenue ($)
Expert Solution
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- 5. Suppose that the price elasticity of the demand is 0.76. If we increase the price ofthe the demanded product, how would this affect the revenue? Explainarrow_forwardsolution plzarrow_forwardFind the total revenue for the table. Quantity Sold (units) Price or Average Pee Revenue (Rs) (1) (2) 10 10 4. 10 10arrow_forward
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- Price (dollars) ck to select your answer. 7 6 5 0 10 15 20 d ***** D mun 25 30 35 Quantity (units per year) the figure above, when the price falls from $8 to $7, total revenue A. decreases from $210 to $120 so demand is elastic. OB. decreases from $210 to $120 so demand is inelastic. OC. increases from $120 to $210 so demand is inelastic. OD. increases from $120 to $210 so demand is elastic. E. increases from $120 to $210 but more information is needed to determine whether demand is elastic, inelastic, or unit elastic.arrow_forwardIf the real exchange rate for the dollar is above the equilibrium level, the quantity of dollars supplied in the market for foreign-currency exchange is greater than the quantity demanded and the dollar will appreciate. greater than the quantity demanded and the dollar will depreciate. less than the quantity demanded and the dollar will appreciate. less than the quantity demanded and the dollar will depreciate.arrow_forward5. Suppose that the price elasticity of the demand is 0.76. If we increase the price ofthe the demanded product, how would this affect the revenue? Explainarrow_forward
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