SamanthaReid1631 SamanthaReid1631

19-09-2022
Business

Answered

Calculate revenue. Revenue is the quantity sold times the price for the product. The quantity sold will be the smaller of the quantity supplied or the quantity demanded. (You can't sell more than you are willing to make even if the market demands a higher quantity. Likewise you can't sell more than is demanded even if you are willing to supply more than the quantity demanded. ) You will need to calculate which of these values is smaller because quantity demanded will be smaller than quantity supplied for some prices, but not others

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