Question

Assume that the following table represents the demand schedule of the product of your company. Price...

Assume that the following table represents the demand schedule of the product of your company.

Price ZAR

0

10

20

30

40

50

60

70

80

Quantity demanded

160

140

120

100

80

60

40

20

0

Total revenue
  1. Complete the table by completing the revenue figures.
  2. If you were the business owner of the company above, at what price the quantity would you operate your business. Explain why.
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Homework Answers

Answer #1

Answer :

Price ZAR (P)

0

10

20

30

40

50

60

70

80

Quantity demanded (Q)

160

140

120

100

80

60

40

20

0

Total revenue = P*Q

 $0 $1,400 $2,400 $3,000 $3,200 $3,000 $2,400 $1,400 $0

If I am the owner of given company then I will operate my business at price level of $40 where the quantity level is 80. Because at price level of $40 the total revenue is highest. So, to earn highest revenue I will operate the business at $40 price level.

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