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If demand in a market is QD = 240 - 10P ...
a.) How much revenue is generated when the price in the market is P = 10? What is D at this point?
b.) How much revenue is generated when the price in the market is P = 15? What is D at this point?
c.) Graph the demand curve, and indicate the total revenue at P = 10 and P = 15 on this graph.
d.) Compute the equation of the total revenue curve, and graph this curve on a separate graph with T R on the vertical axis and Q on the horizontal axis.
e.) How does D inform the relationship between price changes and the responding changes in total revenue? Describe in words.
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