The table above gives the demand schedule for a good. What is the total revenue at point A? At point B? At point C? At point D? At point E?
What will be an ideal response?
The total revenue is the price multiplied by the quantity demanded. Hence at point A, the total revenue is $4,000. At point B it is $4,800. At point C it is $4,800. At point D it is $4,000. And at point E it is $2,400.
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As a price change persists over a long period of time, we should expect the demand elasticity to fall.
Answer the following statement true (T) or false (F)
Suppose Tucker Inc is willing to sell one gizmo for $10, a second gizmo for $15, a third for $20, and the market price is $25 . What is Tucker Inc's producer surplus?
a. $10 b. $15 c. $30 d. $50
There is only one firm in a monopoly
Indicate whether the statement is true or false
One In The News article is titled "The Misery Index." If terrorist attacks result in a decrease in immigration, the misery index will
A. Remain unchanged. B. Increase, decrease, or remain unchanged, depending on circumstances. C. Decrease. D. Increase.