(d) Suppose the demand function is p = 20 = x. At what price or output is the revenue maximum? What is the magnitude of the maximum revenue? Graph the revenue function and the marginal revenue function. Suppose that MC = 0; what is the profit-maximizing price and output? IMPORTANT NOTE: PLEASE DRAW THE REVENUE FUNCTION AND THE MARGINAL REVENUE FUNCTION IN A CHART. *** not an illustrating explaing how the chart will look like. I want the actual chart drawn. please.

(d) Suppose the demand function is p = 20 = x. At what price or output is the revenue maximum? What is the magnitude of the maximum revenue? Graph the revenue function and the marginal revenue function. Suppose that MC = 0; what is the profit-maximizing price and output? IMPORTANT NOTE: PLEASE DRAW THE REVENUE FUNCTION AND THE MARGINAL REVENUE FUNCTION IN A CHART. *** not an illustrating explaing how the chart will look like. I want the actual chart drawn. please.

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter5: Elastic And Its Application

Section: Chapter Questions

Problem 3PA: Suppose the price elasticity of demand for heating oil is 02. in the short run and 0.7 in the long...

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4. You have been hired as a consultant to estimate the demand for various brands ofcoffee in the market. You are provided with annual price data for two years by U.S.state and the quantities sold. You want to estimate a demand function for coffeeusing this data. What problems do you think you will encounter if you estimatedthe demand equation by OLS?
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The Lulu Hypermarket sells 0,209 boxes of chicken per month at RO 4 per box. The own price elasticity for chicken is estimated to be O.45 If Lulu Hypernarket decreases the pripc of a box of chicken byS00 Baiza -8 Per (a) How many boxes of chicken will Lulu Hypermarket sell? (b) Lulu Hypermarket's revenue will change by how much? (c) Will the consume: be better off or worse off?
. Suppose that Brock raises its tuition by 30% to pay for higher professor salaries.2 An economics professor asks his students, “Due to the tuition increase, how many of you will transfer to another universiy or drop out?” One student out of every 2 says that he or she would transfer or drop out. Based on this information, the price elasticity of demand for education at this university is: (A) 1. (B) Elastic. (C) Inelastic. (D) Zero.
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ok int rences Mc Graw Hill Aruna owns Pottery Plus, a small firm that produces terra cotta pots for sale in the Edmonton area. The graph below shows Aruna's demand curve. Price ($) 40 36 32 28 24 20 16 12 8 4 0 4 8 W (38, 19) 12 16 20 24 28 32 36 40 Quantity per period O Search > 3 of 6 SAMSUNG www Next >
Define total revenue?
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13. How can you calculate Total Revenue? What is the formula?
38. Suppose that a consumer's annual(income decreased by RO 300, causing a 15% decrease in the quantity of beef the consumer demands. If the consumer has an Ancome elasticjty of demand.of 1.0 for beef, what is her new income? a. RO 2700, b. RO 3000. C. RO 1700 d. RO 3300. 15 |-0 = 300 -1,7