Need an argumentative essay on Supply and Demand,Elasticity, Production and Cost,Competition, Monopoly, Monopolistic Competition, Oligopoly, and Game Theory. Needs to be 2 pages. Please no plagiarism.
This will make the suppliers hoard the goods in anticipation for higher prices hence decrease in supply. Consequently, customers will demand more and eventually lead to further increase in prices.
c). total revenue = price *quantity. When P=$10, the total revenue is 10*500=$5000. When price increases to $20, total revenue is P*Q= 20*300=$6000. This shows that the increase in price by $10 increase total revenue by ($6000-$5000). This is an increase of $1000 revenue.