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3 December, 03:37

The price falls from $10.00 to $9.50, and the quantity demanded rises from 100 units

to 110 units. What does total revenue equal at the lower price?

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  1. 3 December, 03:53
    0
    The revenue when the price falls to $9.5 is $1045

    Explanation:

    Decrease in price = $10 to $9.5

    RIse in demand = 100 to 110

    Total revenue = ?

    Income when the price was $10 and the demand was 100

    Revenue = 100 X $10

    = $1000

    Income when the price was $10 and the demand was 110

    Revenue = 110 X $10

    = $1100

    Revenue when the price was $9.5 and the demand was 110

    Revenue = 110 X $9.5

    = $1045

    The revenue when the price falls to $9.5 is $1045
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