Use the graphs below to answer the following questions.
a. Determine equilibrium price and quantity for each graph.
b. Given demand and supply, what would total revenue be for each graph?
c. Assume that supply shifts to the left on both graphs by 100, raising price. Given the new equilibrium price and equilibrium quantity, what would total revenue be for each graph?
d. What do your answers to part c tell you about the relationship between elasticity of demand and total revenue?
Definitions:
Preconventional
The first level of Kohlberg's stages of moral development, where moral reasoning is based primarily on consequences of actions and external rewards and punishments.
Piagetian Period
Stages of cognitive development identified by psychologist Jean Piaget, through which children progress as they grow older.
Preconventional Morality
The first level in Kohlberg's stages of moral development, where behavior is driven by the desire to avoid punishment or gain reward.
Sensorimotor Period
The first stage of Jean Piaget's theory of cognitive development, occurring from birth to approximately two years of age, where an infant's knowledge of the world is limited to their sensory perceptions and motor activities.
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