Suppose the figure to the right illustrates the monthly demand for imported rugs at a local rug gallery. Suppose the price of rugs increases from $6,500 to $7,500. Total revenue before the price change is $. (Enter your response as an integer.) Total revenue after the price change is $. (Enter your response as an integer.) The change in total revenue is $ if appropriate.) The demand for imported rugs at this rug gallery is (Enter your response as an integer and include a minus sign over the given price range.

Suppose the figure to the right illustrates the monthly demand for imported rugs at a local rug gallery. Suppose the price of rugs increases from $6,500 to $7,500. Total revenue before the price change is $. (Enter your response as an integer.) Total revenue after the price change is $. (Enter your response as an integer.) The change in total revenue is $ if appropriate.) The demand for imported rugs at this rug gallery is (Enter your response as an integer and include a minus sign over the given price range.

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter4: Demand, Supply, And Market Equilibrium

Section: Chapter Questions

Problem 7P

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