If price is $100 and quantity is 50, calculate total revenue.
If price is $100 and quantity is 50, calculate total revenue.
Homework Answers
Total revenue is calculated as :
Price*Quantity
P=100
Q=50
Total Revenue = 100*50
=$5000
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for the product. The quantity sold will be the smaller of the
quantity supplied or the quantity demanded. (You can't sell more
than you are willing to make even if the market demands a higher
quantity. Likewise you can't sell more than is demanded even if you
are willing to supply more than the quantity demanded.) You will
need to calculate which of these values is smaller because quantity
demanded...
Calculate the daily total revenue when the market price is $80, $70, $60, $50, $40, $30, $20, and $10 per bippitybop. Then, use the green point (triangle symbol) to plot the daily total revenue against quantity corresponding to these market prices on the following graph 1140 1045 950 855+ 760 665 570 475 380 285 190 95 Total Revenue 0 612 18 24 30 36 42 48 54 60 QUANTITY (Bippitybops per day) According to the midpoints formula, the price...
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Refer to the demand schedule below: Quantity demanded Price ($) 80 70 60 50 100 150 200 250 300 350 400 0 Price increases from $40 to $50. Demand is (Click to select) , and total revenue (Click to select)
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