Last Year, David Lum Opened a New Pharmacy

question 22

Essay

Last year, David Lum opened a new pharmacy. He already had one store located near the city hospital. When a new outpatient surgery clinic began operation, he opened his second pharmacy nearby. In June of this year, Lum wanted a business loan. The bank asked him to report the monthly revenues of each store for the first five months of the year. Lum displayed the data as follows.
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a.Bar graph
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a.Use Figure 24-7a to construct a bar graph to illustrate the monthly revenues of the clinic store. Label where necessary.b
Use Figure 24-7b to construct a line graph to illustrate the monthly revenues of the clinic store. Label where necessary.
b.Line graph
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c.Comparative bar graph
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c.Use Figure 24-7c to construct a comparative bar graph to illustrate the monthly revenues of both pharmacies. Label where necessary. Shade the bars for each store differently.​

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Definitions:

Total Revenue

The total income received by a firm from the sale of its products or services before any expenses are deducted.

Total Revenue

The overall revenue a business earns from sales of goods or provision of services throughout a given timeframe.

Price Falls

Occurs when the market price of a good or service decreases over time.

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in its price, indicating its sensitivity.