Suppose the figure to the right illustrates the monthly demand for imported rugs ata local rug gallery. Suppose the price of rugs increases from $5,500 to $6,500.10,0009,000-Total revenue before the price change is S (Enter your response as an integer.)Total revenue after the price change is $(Enter your response as an integer.)8,000-7,000-The change in total revenue is $include a minus sign if appropriate,)(Enter your response as an integer and6,000-The demand for imported rugs at this rug gallery isV over the given5,000-price range.4,000-3,000-Demand2,000-1,000-0-10 20 3040 50 G070 8090 100OuantiRent (dollars per month)U U U

Total revenue before the price change is $ (Enter your response as an inter Total revenue after the price change is $. (Enter your response as an intege The change in total revenue is $ (Enter your response as an integer and include a minus sign if appropriate.) The demand for imported rugs at this rug gallery is price range. over the giver

Total revenue before the price change is $ (Enter your response as an inter Total revenue after the price change is $. (Enter your response as an intege The change in total revenue is $ (Enter your response as an integer and include a minus sign if appropriate.) The demand for imported rugs at this rug gallery is price range. over the giver

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Suppose the demand for parking at campus is given by P - 5 -0.02Q. where Pis the price in dollars and Qis the quantity demanded. Suppose the current price is $2.50, if the goal is to increase total revenue, would you recommend increasing the price of parking from $2.50 to $3.00? Briefly (in a sentence or two) explain your answer. Edit View Insert Format Tools Table
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18. If you are selling a product with inelastic demand will you increase the price? Why or why not? Explain.
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