Given a demand curve, explain how total revenue may be calculated


A demand curve consists of the prices and corresponding quantities demanded at those prices. Total revenue is price times quantity demanded. Therefore, total revenue is the area of a rectangle formed under the demand curve by the choice of any price-quantity combination.

Economics

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The passage of the ________ in 1930 sparked a trade war that caused net exports to decrease and real GDP to decrease

A) Sherman Antitrust Act B) Clayton Act C) Smoot-Hawley Tariff D) Cellar-Kefauver Act

Economics

If prices in the economy rise, then

A) the purchasing power of a dollar rises. B) the purchasing power of a dollar stays constant. C) the purchasing power of a dollar declines. D) the purchasing power of a dollar cannot be determined.

Economics

A lender need not be penalized by inflation if the

A. short-term rate of inflation is less than the long-term rate of inflation. B. long-term rate of inflation is less than the short-term rate of inflation. C. lender correctly anticipates inflation and increases the nominal interest rate accordingly. D. inflation is unanticipated by both borrower and lender.

Economics

If a good gives rise to substantial external benefits to society that are associated with its production and/or consumption, then the good likely has too many resources devoted to its production

a. True b. False Indicate whether the statement is true or false

Economics