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 $2.00/dozen. Apple Sales R 1000 800 600 400 200 1.00 2.00 3.00 4.00 P Price per Dozen Apples ($) $425 and $450 b. $425 and $800 c. $800 and $425 d. $800 and $800 a. If it is worth $934 now, Revenue ($)

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? Explain

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Find the total revenue for the table. Quantity Sold (units) Price or Average Pee Revenue (Rs) (1) (2) 10 10 4. 10 10

4-5  Draw the price effect and the quantity effect for a price change from $60 to $70. Which effect is larger? Does total revenue increase or decrease? No calculation is necessary.

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2. Imagine that you run a small bakery. In March the price of a cupcake was $2, and you sold 50 per day. In April you increased the price of cupcakes to $3 and you sold 40 per day. 1. Did your revenue increase or decrease? 2. What was the price elasticity of demand to Cupcakes when price increased from $2 to $3. 3. Do you think demand was elastic or inelastic prior to the change in prices

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.

If 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.

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? Explain