#83 when the price of chocolate peanuts decreases from $1.10 to $0.95, the quant

Question

#83 when the price of chocolate peanuts decreases from $1.10 to $0.95, the quantity demanded increases from 190 bags to 215 bags. If the price is $1.10, total revenue is _____, and if the price is $.095, total revenue is _____.

3Wln te price demanded incresses fram 1s t215 bags. I'teke is51.10, s en te price of chavlate-vvered eamds l.anzass fram 51.10 to S0.95, he quzrrity price is 50.95, lecal revenus a A) $208, 32114.25 H) $209; $236.50 Di 5180.5l1: 8209 eause lotal revese to rise A) prise, quantity: lase B) price: ca ity. ncrese C) quantity: piceise.

Explanation / Answer

The given information suggests a price change (fall) from $1.10 to $0.95, a quantity change (rise) from 190 to 215 bags. Total revenue is the product of price and quantity.

In the first case when price is $1.10 and the quantity demanded is 190 bags, total revenue is 1.10*190 = $209 and In the second case when price is $0.95 and the quantity demanded is 215 bags, total revenue is 0.95*215 = $204.25

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