Answered: revenue

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The diagram below shows a demand line (green) and revenue curve (red) for a certain good. The horizontal axis is price in £. For the demand line, the vertical axis gives the number of units sold. For the revenue curve, the units of the vertical axis are £. Explain briefly how you can tell just by looking at the graphs that I must have gone wrong plotting the revenue curve, find the equation of the green line, the demand ? in terms of price, the correct equation of the revenue curve and the maximum revenue.

1. The diagram below shows a demand line (green) and revenue curve (red) for a certain
good. The horizontal axis is price in £. For the demand line, the vertical axis gives the
number of units sold. For the revenue curve, the units of the vertical axis are £. Explain
briefly how you can tell just by looking at the graphs that I must have gone wrong plotting
the revenue curve, find the equation of the green line, the demand D in terms of price, the
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