ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Sally runs a vegetable stand. The following table shows two points on the demand curve for the heirloom tomatoes she sells:
Quantity demanded per week
Price
$5.50
$4.25
150,000
250,000
Sally's marginal revenue from lowering the price of tomatoes from $5.50 to $4.25 is $
(Enter your response rounded to two decimal places.)
Lowering the price from $5.50 to $4.25 results in an output effect of $ and a price effect of $. (Enter your responses as whole numbers and include a minus sign
if necessary.)
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Transcribed Image Text:Sally runs a vegetable stand. The following table shows two points on the demand curve for the heirloom tomatoes she sells: Quantity demanded per week Price $5.50 $4.25 150,000 250,000 Sally's marginal revenue from lowering the price of tomatoes from $5.50 to $4.25 is $ (Enter your response rounded to two decimal places.) Lowering the price from $5.50 to $4.25 results in an output effect of $ and a price effect of $. (Enter your responses as whole numbers and include a minus sign if necessary.)
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