Consider the demand curve illustrated in the figure to the right. Is demand elastic or inelastic? O A. Demand is elastic at all prices above $9.00 and inelastic at all prices below $9.00. O B. Demand is elastic (at all prices). OC. Demand is inelastic (at all prices). O D. Demand is elastic at all prices above $11.00 and inelastic at all prices below $11.00. O E. Demand is inelastic at all prices above $9.00 and elastic at all prices below $9.00. At what price is total revenue maximized? Total revenue is maximized when price equals $. (Enter your response as a real number rounded to two decimal places.) 20 18 16- 14- 12- 은 10- 8- 6- 4- 2 0- 8 10 12 Quantity 14 16 D 18 20 Q Q

Consider the demand curve illustrated in the figure to the right. Is demand elastic or inelastic? O A. Demand is elastic at all prices above $9.00 and inelastic at all prices below $9.00. O B. Demand is elastic (at all prices). OC. Demand is inelastic (at all prices). O D. Demand is elastic at all prices above $11.00 and inelastic at all prices below $11.00. O E. Demand is inelastic at all prices above $9.00 and elastic at all prices below $9.00. At what price is total revenue maximized? Total revenue is maximized when price equals $. (Enter your response as a real number rounded to two decimal places.) 20 18 16- 14- 12- 은 10- 8- 6- 4- 2 0- 8 10 12 Quantity 14 16 D 18 20 Q Q

Principles of Microeconomics

7th Edition

ISBN:9781305156050

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter5: Elastic And Its Application

Section: Chapter Questions

Problem 6PA: Suppose that your demand schedule for DVDs is as follows: Price Quantity Demanded (income = 10,000)...

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