The following graph represents a total revenue curve that is derived from a particular linear demand curve. At maximum revenue, seller will seller will sell ---------- units, at the price S-- 20 18 16 14 12 10 8 6. TR 4 2- 1 2 3 4 5 6 7 8 9 10 Quantity Demanded Total Revenue

A. Using the mid point equation, calculate the price elasticity of demand for the market demand curve for a change from the equilibrium price of $4.00( show the equation and all calculations) is the demand curve elastic or I elastic for this price change? What would happen to the total market revenue if the price changed to $4.00  b. If a new firm(competitor) enters this market so that 6adsitional units are supplied at each price above $0, what would happen to the equilibrium price and quantity and the total market revenue of the market. Add a new market supply curve to your original graph and indicate the new equilibrium price and quantity on the appropriate axes.

Buyers as a group determine supply, and sellers as a group determine the demand of the product a. True b. False

Your firm receives revenue of $40MM per year from Product A and $90MM per year from Product B. The own- price elasticity of demand for Product A is -1.5. The cross-price elasticity of demand between Product A and Product B is -1.8. Suppose you increase the price of Product A by two percent:   a. How much will Product A’s revenue change?   b. How much will Product B’s revenue change?

A firm finds that its price elasticity of demand is 4.0. Currently, the firm is selling 2000 units per month at $5 per unit. If it wishes to increases its quantity sold by 10%, it must lower its price by: a. $.40 b. 4.0% c. 2.5% d. $.50

The profit-maximizing price is ______

Price ($) 1000 500 300 0 300 500 Supply Demand What is the total cost of producing 300 iPads? 1000 Quantity

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If a change in the price of a product results in no change in total revenue, what must be the case?    A. The demand for the product must be inelastic.  B. The demand for the product must be unit elastic.  C. The demand for the product must be elastic.  D. The demand for the product must be revenue inelastic.