Jack Hardware sold 6 pounds of bolts yesterday at a price of $3,.00 per pound. This point is represented by the black plus symbol on the diagram below, which plots the price of bolts (measured in dollars, per pound) and the quantity sold (measured in pounds). <img src="//img.wizedu.com/questions/f3e2e230-a533-11ec-9b5c-5faaecabb979.png" title="1630142451790967.png" alt="image.png"/> Each small square in the grid for this graph has one side equal to 1 pound of bolts and one side equal to 1 dollar per pound. The area of one small square is therefore _______ .There are _______ small squares in the purple shaded rectangle On this graph, the area of the purple rectangle corresponds to: <ul class=" list-paddingleft-2" style="list-style-type: disc;"><li>Jack Hardware's revenue from selling bolts, measured in dollars </li><li>The price of the bolts, measured in dollars per pound </li><li>The number of bolts that Jack Hardware sold, measured in pounds </li><li>None of these-the area has no meaning </li></ul> Now suppose Jack Hardware lowers its price to $2.00 per pound of boits. As a result, it now sells 9 pounds of bolts. Use the blue rectangle to draw the area that corresponds to the new price and quantity Did lowering the price of bolts increase Jack Hardware's revenue? <ul class=" list-paddingleft-2" style="list-style-type: circle;"><li>Yes </li><li>No</li></ul>

Question

In: Economics

Each small square in the grid for this graph has one side equal to 1 pound of bolts and one side equal to 1 dollar per pound.

Jack Hardware sold 6 pounds of bolts yesterday at a price of $3,.00 per pound. This point is represented by the black plus symbol on the diagram below, which plots the price of bolts (measured in dollars, per pound) and the quantity sold (measured in pounds).

Each small square in the grid for this graph has one side equal to 1 pound of bolts and one side equal to 1 dollar per pound. The area of one small square is therefore _______ .

There are _______ small squares in the purple shaded rectangle

On this graph, the area of the purple rectangle corresponds to:

Jack Hardware's revenue from selling bolts, measured in dollars
The price of the bolts, measured in dollars per pound
The number of bolts that Jack Hardware sold, measured in pounds
None of these-the area has no meaning

Now suppose Jack Hardware lowers its price to $2.00 per pound of boits. As a result, it now sells 9 pounds of bolts.

Use the blue rectangle to draw the area that corresponds to the new price and quantity

Did lowering the price of bolts increase Jack Hardware's revenue?

Yes
No

Expert Solution

Rahul Sunny answered 2 years ago

Why is it that the MU per dollar of each good is equal for optimal consumption?...

Why is it that the MU per dollar of each good is equal for optimal consumption? Explain in detail, and use equations and graphs to answer the question.

Facts: (Note £=British Pound Sterling, C$=Canadian Dollar, U.S.$=United States Dollar) A small Canadian company has contracted...

Facts: (Note £=British Pound Sterling, C$=Canadian Dollar, U.S.$=United States Dollar) A small Canadian company has contracted to purchase 100,000 toys for £3.50 each from a British company. The Canadians have agreed to pay the Brits in pounds sterling (£). The Canadians have also agreed to then sell those toys to a U.S. company for US$5.50 per toy. The Canadian company has agreed to accept U.S. dollars but plans to convert these revenues to Canadian dollars. The Canadian company estimates its...

The drawing shows a square, each side of which has a length of L = 0.250...

The drawing shows a square, each side of which has a length of L = 0.250 m. Two different positive charges q1 and q2 are fixed at the corners of the square. Find the electric potential energy of a third charge q3 = -3.00 x 10-9 C placed at corner A and then at corner B.

10)Oxford Co. has a materials standard of 2.1 pounds per unit of output. Each pound has a standard price of $14 per pound.

10)Oxford Co. has a materials standard of 2.1 pounds per unit of output. Each pound has a standard price of $14 per pound. During February, Oxford Co. paid $57,300 for 4,810 pounds, which were used to produce 2,400 units. What is the direct materials quantity variance? A) $3,220 favorable B)$8,780 favorable C)$9,540 unfavorable D)$1,080 unfavorable 23) Avocado Company has an operating income of $123,900 on revenues of $1,066,000. Average invested assets are $590,000, and Avocado Company has an 13% cost...

A box has two compartments of equal size. One side there are 6 moles of hydrogen...

A box has two compartments of equal size. One side there are 6 moles of hydrogen gas and the other has 2 moles of nitrogen gas. The box is kept at 20C and the barrier between the two compartments is removed. Assume ideal gas behavior and calculate Gibbs energy when allowing the gases to mix.

A parallel-plate capacitor has square plates that are 8.20 cm on each side and 4.80 mm...

A parallel-plate capacitor has square plates that are 8.20 cm on each side and 4.80 mm apart. The space between the plates is completely filled with two square slabs of dielectric, each 8.20 cm on a side and 2.40 mm thick. One slab is Pyrex glass and the other slab is polystyrene. If the potential difference between the plates is 88.0 V, find how much electrical energy (in nJ) can be stored in this capacitor.

Consider you have a square parallel-plate capacitor which has 6.00 cm lenght on each side. The spearation...

Consider you have a square parallel-plate capacitor which has 6.00 cm lenght on each side. The spearation between parallel plates is 4.10 mm . You completely fill the capacitor with two different dielectric materials, each 6.00 cm on a side and 2.05 mm thick. Assume that one of the dielectric material is pyrex glass and the other is polystyrene. When the potential difference between the plates is 89.0 V , how much electrical energy is stored in the capacitor? Express your answer...

2. For each of the below scenarios involving the euro and the dollar, one currency has...

2. For each of the below scenarios involving the euro and the dollar, one currency has an increase in supply, the other an increase in demand. Tell which. Be sure to include whether each currency rises or falls in value. 40 pts More European tourists come to the US for vacations. US interest rates fall significantly. The euro increases in international acceptance as a currency of business. The US economy outperforms most of the developed world.

Two pipes, equal in length, are each open at one end. Each has a fundamental frequency...

Two pipes, equal in length, are each open at one end. Each has a fundamental frequency of 479 Hz at 299 K. In one pipe the air temperature is increased to 306 K. If the two pipes are sounded together, what beat frequency results?

1)A stream of equal payments that occur at the beginning of each month for one year...

1)A stream of equal payments that occur at the beginning of each month for one year is called a(n) __________. 2) Your credit card charges interest of 1.2 percent per month. What is the annual percentage rate? 3)What type of loan is repaid in a single lump sum?