Homework: Chapter 06 On the following graph, use the green point (triangle symbol) to plot the annual total revenue when the market price is $30, $45, $60, $75, $90, $105, and $120 per bippitybop. TOTAL REVENUE (Dollars) 2560 2400 2240 2080 1920 1760 1600 1440 1280 A 1120 0 15 30 45 60 75 90 105 120 135 150 165 180 PRICE (Dollars per bippitybop) Total Revenue According to the midpoint method, the price elasticity of demand between points A and B on the initial graph is approximately ▾ Suppose the price of bippitybops is currently $15 per bippitybop, shown as point B on the initial graph. Because the price elasticity of demand between points A and B is , a $15-per-bippitybop increase in price will lead to in total revenue per day. In general, in order for a price decrease to cause a decrease in total revenue, demand must be #3 C G Search or type URL $ 4 % 45 E R T & * ( 6 7 8 9 0 Y U 0 P

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Refer to the figure, Price (dollars) 600 550 500 450 400 350 300 250 200 150 100 50 0 Market for Game Consoles S 10 20 30 40 50 60 70 80 90 100110 Quantity Toola DL 0 O Use the graph to show the area representing the deadweight loss, and then determine the deadweight loss created as a result of setting the price at $150. Instructions: Use the tool provided "DL to illustrate this area on the graph. Deadweight loss: $

60 50 A1 40 A A2 30 20 B C A3 10 D E F 0 05 10 15 20 25 30 35 40 45 50 55 60 Quantity Image Description: A graph, the horizontal axis labeled Quantity and the vertical labeled Price, with a straight downward-sloped line with 3 labeled points. Point A1 is at (10,40), A2 is at (15,30), a3 is at (25,10). Dotted lines extend to the axis from each point, forming rectangles which are each labeled A through F from top to bottom. The upper most region A encompasses the Price values of 30 to 40 and the Quantity values of 0 to 10. The second row of boxes, B and C, encompass the Price values of 10 to 30. B covers the quantity values of 0 to 10, and C covers the quantity values of 10 to 15. The lowest three boxes cover price values from 0 to 10. D encompasses quantity values 0 to 10, E 10 to 15, and F 15 to 25. Refer to the graph above. Area F is larger than areas B and C, because demand is elastic between $10 and $30 smaller than areas B and C, because demand is inelastic between $10 and $30…

PRICE (Yen per gram) 100 90 80 70 60 40 30 20 10 0 0 0 Demand + 20 40 60 80 100 120 140 160 180 200 QUANTITY (grams of uff per month) Graph Input Tool Demand for Uff Price of Uff (Yen per gram) to eat my uff this morning, but there wasn't any Quantity Demanded DEMAND SHIFTERS Average Income -(Yen per month) Price of Tulg (Yen per gram) Price of Snick (Yen per gram) Of Suppose that the price of a gram of uff decreased from 50 yen to 40 yen. This would cause a an increase in 50 100 100 20 50 Plug any value lower than the current number into the Average Income box. A decrease in average income causes a leftward the demand curve. the demand curve and therefore When the prices of tulg or snick change, there is a shift of the demand curve for uff. The directions of these changes imply that snick and uff are , and that tulg and uff are . For example, a Hermetian might say, "I went in my fridge. So instead of having uff for breakfast, I ate some

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Suppose that the demand and supply schedules for raisins in South Carolina are as fallows, quantitiesare measured in millions of packs per month. What is the quantity of raisins bought if the price is 50cents ? Price (cents per pack) Quantity demanded20                                    18030                                    16040                                    14050                                    12060                                    10070                                     8080                                     60 a) 120b) 180c) 100

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Think back to a purchase that you made recently. How would you describe your thinking before you made that purchase?

Under which circumstances does line tax burden fall entirely on consumers?