Can someone help me with an economics question? won't take long:)
Stacey Warren - Expert brainly.com
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hey i like economics...go ahead
I'll try my best tell me whats your question @Lukecrayonz
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@Lukecrayonz no problem take your own time
@JMark @dumbcow sorry! Okay let me quickly draw it
Sorry its so poorly lined up.
Anyhow, I did all but D.
"A. Use price as the vert axis and quantity as horz axis and plot the first two columns.
b. Show what quantity is sold when the price is $550
c. Directly below that graph in part a, plot the data in columns 2 and 3. use the total revenue as the vertical and quantity as horiz.
d. What is the total revnue when the price is $550? Will total revenue increase or decrease when the price is lowered?
So the quantity sold when the price is $550 is 1100. How am I supposed to know what the total revenue will be when its at $550? I see that $500 and $600 are both $600,000 total revenue, but couldn't $550 be an increase in revenue?
revenue = price*quantity
you can see from chart that this is highest revenue, so if price is lowered or raised the total revenue will decrease