Which conclusion does this graph most support?

Business

1 answer:

ahrayia [7]4 years ago

5 0

Answer:

C. Product A has more elastic demand than product B.

Explanation:

The graph plotted above shows the quantity demanded for 2 products in relation to their prices.

Looking at the graph, we visually conclude that product A is more responsive to a change in price, compared to how responsive product B is to a change in price.

Invariably, a change in the price of commodity A causes a greater change in the quantity demanded, compared to a change in quantity demanded for product B, with almost the same change in price.

Option C is the answer.

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Answer:

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Refer to the demand schedule below.

Nesterboy [21]

Answer:

Explanation:

Demand can be defined as the total quantity of a particular commodity which a consumer is willing and able to buy at a particular price and a particular time.

A demand schedule is a tabular representation of the total quantity of a particular commodity which a consumer is willing and able to buy at a particular price and a particular time.

Below is an attachment showing the tabular representation and the solution to requirement A

In the first Attachment all that was done was to use the values from the question to get our requirements Total revenue was gotten by (Price * Quantity)

Marginal Revenue was gotten by finding the Change in Total Revenue divided by Change in Quantity

So also a tabular representation of B

All that is required to plot the graph is to match the values gotten to the Y axis which represents revenue and X axis which represents quantity and connect the lines together.