examine the supply schedule and plot the supply curve. then answer the questions that follow.\n1. if the…

examine the supply schedule and plot the supply curve. then answer the questions that follow.\n1. if the price is $1.20, how many will be offered for sale?\n2. if the quantity offered is 2500, what is the price?\n3. what effect does the price have on the quantity offered for sale?\n4. calculate total revenue (price x quantity):\n a. if the price is $1.00\n b. if the quantity is 1000

examine the supply schedule and plot the supply curve. then answer the questions that follow.\n1. if the price is $1.20, how many will be offered for sale?\n2. if the quantity offered is 2500, what is the price?\n3. what effect does the price have on the quantity offered for sale?\n4. calculate total revenue (price x quantity):\n a. if the price is $1.00\n b. if the quantity is 1000

Answer

Explanation:

Step1: Recall revenue formula

Total revenue = price × quantity

Step2: Solve part a

When price = $1.00, from the table, quantity = 1500. So total revenue = $1.00×1500 = $1500

Step3: Solve part b

When quantity = 1000, from the table, price = $0.80. So total revenue = $0.80×1000 = $800

Answer:

a. $1500 b. $800