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:
Alimentary Canal
The entire digestive tract from the mouth to the anus, through which food is ingested, broken down, and absorbed.
Pancreas
A glandular organ that functions in both the digestive and endocrine systems, producing digestive enzymes and hormones like insulin.
Digestive Enzymes
Enzymes produced by the digestive system that break down proteins, fats, and carbohydrates into simpler molecules that can be absorbed and utilized by the body.
Esophagus
A muscular tube that conveys food and liquids from the mouth to the stomach using rhythmic contractions known as peristalsis.
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