Refer to the demand schedule below: 3 Price ($) Quantity demanded 80 70 60 50 40...

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Refer to the demand schedule below: 3 Price ($) Quantity demanded 80 70 60 50 40 30 20 10 50 100 150 200 250 300 350 400 5 points eBook References Price increases from $60 to $70 Demand is (Click to select)and total revenue (Click to select) Mc Graw Hill <Prev 3012. LAB-Experime docx ︿ mth+241-010+s..npa h A MACRO.docx

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Answer 1

Answer #1

1) Demand falls

There is inverse relationship between price and quantity demanded. Increase in price leads to fall in quantity demanded and vice-versa.

2) TR at $ 60 = Price x Quantity = 50 x 100 = 5000

TR at $ 70 = 70 x 50 = 3500

Total Revenue falls due to fall in price of good.

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Answer 2

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