Assume the demand curve for Pepsi passes through the following two points. Price per bottle of Pepsi: $2.75, $1.50 Number of bottles of Pepsi sold: 50,000, 250,000 1.) Use the line drawing tool to draw a linear demand curve that includes these two points. Label this line 'Demand.' 2.) Use the rectangle drawing tool to show on the graph the area that represents total revenue at a price of $1.50. Label the rectangle 'Revenue.' Carefully follow the instructions above, and only draw the required objects. Calculate the total revenue at this price of $1.50. Revenue = $
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To calculate the total revenue at a price of $1.50, we need to know the quantity demanded at that price. However, the graph or information provided does not give us this information. Without the quantity demanded, we cannot calculate the total revenue. Show more…
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Assume the demand curve for Pepsi passes through the following two points: 250,000 bottles of Pepsi at $1.50 and 50,000 bottles of Pepsi at $2.75. 1. Use the line drawing tool to draw a linear demand curve that includes these two points. Label this line "Demand." 2. Use the rectangle drawing tool to show on the graph the area that represents total revenue at a price of $1.50. Label the rectangle "Revenue." Carefully follow the instructions above and only draw the required objects. Calculate the total revenue at this price of $1.50. Revenue = $
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Suppose the market for apples is represented by the market supply and market demand curves depicted in the top graph to the right. Assume this market is perfectly competitive. What does an individual apple farmer's demand curve look like? Using the line drawing tool, graph an apple farmer's demand curve in the bottom figure. Label the line "Demand." Carefully follow the instructions above, and only draw the required object.
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