Refer to the diagram. Total revenues is equal price times quantity. Between prices of $5.70 and $6.30: Use both diagrams to compute total revenues at each price to evaluate best price strategy to be follow and which one you will rise the price to $6.30 and the other where you will charge $5.70? EXPLAIN FULLY WITH CONCLUSIVE SENTENCES.
Homework Answers
For D1
TR1=5.7*212=1208.4
TR2=6.30*188=1184.4
For D2
TR1=5.7*416=2371.2
Tar2=6.3*384=2419.2
Price should be raised only for D2 because Revenue rises for D2 and falls for D1 with rise in price.
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