Question

Calculate the total value of sales at each possible price for a product with the consumer demand shown.

Price: Quantity demanded:
$20. 8,500
$22.5. 7,800
$25. 6,200
$27.5. 5,900
$30. 4,300

Answer 1

To calculate the total sales value at each possible price, multiply the price by the quantity demanded. For example, for $20, the total sales value is $170,000.

Step-by-step explanation:

We can calculate the total value of sales at each possible price by multiplying the price by the quantity demanded at each price. For example, for $20, the quantity demanded is 8,500 units, so the total value of sales is $170,000. Similarly, for $22.5, the quantity demanded is 7,800 units, resulting in a total value of sales of $175,500.

Here is the calculation for each price:

• Price $20: Total value of sales = $20 x 8,500 = $170,000
• Price $22.5: Total value of sales = $22.5 x 7,800 = $175,500
• Price $25: Total value of sales = $25 x 6,200 = $155,000
• Price $27.5: Total value of sales = $27.5 x 5,900 = $162,250
• Price $30: Total value of sales = $30 x 4,300 = $129,000