Principles of Macroeconomics 7th Edition

Published by South-Western College
ISBN 10: 1-28516-591-8
ISBN 13: 978-1-28516-591-2

Chapter 5 - Elasticity and Its Application - Questions For Review - Page 108: 4

Answer

This question tests your knowledge of formulae and graphs within supply and demand at the Market Clearing Price (MCP) price x quantity equals Total Revenue.

Work Step by Step

Multiply price times quantity at equilibrium to find the total revenue.
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