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- 6. Elasticity and total revenue I The following graph shows the daily demand curve for bippitybops in Vancouver. On the following graph, use the green rectangle (triangle symbols) to shade the area representing total revenue at various prices along the demand curve. Notice that when you click on the rectangle, the area is displayed. Note: You will not be scored on any changes made to this graph. PRICE (Dollars per bippitybop) 240 220 200 180 160 140 120 100 80 60 40 20 0 0 6 12 ** + 48 B 18 24 30 36 QUANTITY (Bippitybops per day) Demand 54 80 72 Total Revenue ?Please help me answer the following question in the attachment. Thank you.1. Explain the decisions taken for an individual product.
- The following graph illustrates the weekly demand curve for motorized scooters in Roanoke. Use the green rectangle (triangle symbols) to compute total revenue at various prices along the demand curve. Note: You will not be graded on any changes made to this graph. PRICE (Dollars per scooter) 260 240 220 200 180 160 140 120 100 80 60 40 20 0 0 9 18 27 A X B Demand 36 45 54 63 72 81 QUANTITY (Scooters) 90 99 108 117 Total Revenue ?What term would an economist use to describe what happens when a shopper gets in good deal on a product?Think back to a purchase that you made recently. How would you describe your thinking before you made that purchase?
- On the following graph, use the green point (triangle symbol) to plot the weekly total revenue when the market price is $30, $45, $60, $75, $90, $105, and $120 per scooter. TOTAL REVENUE (Dollars) 1460 1320 1180 1040 900 760 620 480 340 200 0 15 30 45 60 75 90 105 120 135 150 165 180 195 PRICE (Dollars per scooter) Total Revenue ?On the following graph, use the green point (triangle symbol) to plot the weekly total revenue when the market price is $30, $45, $60, $75, $90, $105, and $120 per scooter. TOTAL REVENUE (Dollars) 1460 1320 1180 1040 900 760 620 480 340 200 + 0 15 30 45 60 75 90 105 120 135 150 165 180 195 PRICE (Dollars per scooter) Total Revenue ? According to the midpoint method, the price elasticity of demand between points A and B is approximately Suppose the price of scooters is currently $45 per scooter, shown as point B on the initial graph. Because the demand between points A and B is ▼, a $15-per-scooter increase in price will lead to in total revenue per week. In general, in order for a price increase to cause a decrease in total revenue, demand must be4. Elasticity and total revenue The following graph shows the daily demand curve for bippitybops in Denver. Use the green rectangle (triangle symbols) to compute total revenue at various prices along the demand curve. Note: You will not be graded on any changes made to this graph. 120 110 100 Total Revenue 90 B0 70 50 40 30 20 10 Demand 10 20 30 40 50 70 90 100 110 120 QUANTITY (Bippitybops) PRICE (Dollars per bippitybop)
- A. At XYZ Restaurant, which sells only pepperoni pizza, has the cost profile: [Note that variable costs are per pizza] Fixed Costs Variable Costs General $1,500 Flour $0.50 Labor Rent $3,000 Yeast s0.05 Insurance $200 Water $0.01 Advertising $500 Cheese $3.00 $450 Pepperoni $2.00 Utitilies Total $5,650 Total $5.56 Based on the total variable expenses per pizza, we now know that XYZ Restaurant must price its pizzas at $5.56 ($0.50 + $0.05 + $0.01 + $3.00 + $2.00) or higher just to cover those costs. We also know that if the pizzeria charges $10 for the finished product, then it receives $4.44 per pizza to contribute to the fixed costs and ultimately the restaurants overall profits. Question: How many pizzas does XYZ Restaurant need to sell at $10 each to cover all those fixed monthly expenses?eBook Print eferences Mc Graw Hill The table below contains some revenue and cost data for the Rising Moon T-shirt Company (quantities for packets of a dozen shirts). which is in long-term equilibrium. a. Complete the blanks in the following table. Round your answers in the "AC" column to 2 decimal places. Quantity 0 2 3 4 5 6 7 8 Price TR $/ 66 AL LL--- 1.2. 128 186 240 290 336 378 416 MR 1 TC $132 164 192 223 258 296 336 378 428 b. What is the profit-maximizing price and output for Rising Moon? Price: $ Output: c. At the profit-maximizing output, what are MC and MR? MC: $ MR: $ MC 7 ADDDTOTAL COST AND REVENUE (Dollars) 100 Total Cost ם Total Revenue 75 50 -25 A 50 0 1 2 5 QUANTITY (Shirts) A A Profit Calculate Neha's marginal revenue and marginal cost for the first seven shirts she produces and plot them on the following graph. Use the blue points (circle symbol) to plot marginal revenue and the orange points (square symbol) to plot marginal cost. (?) COSTS AND REVENUE (Dollars per shirt) 30 25 225 20 15 10 о OO 2 3 A 5 6 QUANTITY (Shirts) Marginal Revenue + Marginal Cost Neha's profit is maximized when she produces 10 shirts. When she does this, the marginal cost of the previous shirt she produces is $ which is than the price Neha receives for each shirt she sells. The marginal cost of producing an additional shirt (that is, one more shirt than would maximize her profit) is S than the price Neha receives for each shirt she sells. Therefore, Neha's profit- maximizing quantity corresponds to the intersection of the which is curves. Because Neha is a price taker, this…
