Can someone help me with an economics question? won't take long:)

Question

dumbcow · Answer

hey i like economics...go ahead

jmark · Answer

I'll try my best tell me whats your question @Lukecrayonz

dumbcow · Answer

@Lukecrayonz , haha it seems it will take long

jmark · Answer

@Lukecrayonz  no problem take your own time

lukecrayonz · Answer

@JMark @dumbcow sorry! Okay let me quickly draw it

lukecrayonz · Answer

|dw:1377582909503:dw|

lukecrayonz · Answer

Sorry its so poorly lined up.
Anyhow, I did all but D.
"A. Use price as the vert axis and quantity as horz axis and plot the first two columns.
b. Show what quantity is sold when the price is $550
c. Directly below that graph in part a, plot the data in columns 2 and 3. use the total revenue as the vertical and quantity as horiz.
d. What is the total revnue when the price is $550? Will total revenue increase or decrease when the price is lowered?

lukecrayonz · Answer

So the quantity sold when the price is $550 is 1100. How am I supposed to know what the total revenue will be when its at $550? I see that $500 and $600 are both $600,000 total revenue, but couldn't $550 be an increase in revenue?

dumbcow · Answer

revenue = price*quantity
            = 550*1100
            = 605,000

you can see from chart that this is highest revenue, so if price is lowered or raised the total revenue will decrease

lukecrayonz · Answer

Ahhhh okay wow I just feel dumb.

dumbcow · Answer

glad to help lol