the graph above shows one stores projected demand curve for garden gnomes. if the demand at point p1 is fully satisfied, how much money will the store make through garden gnome sales?
a. $600
b. $550
c. $150
d. $55

Question

Accepted Answer

{ "quality": "clear", "question_count": 1, "skills_matched": [ "step_cot", "multiple_choice_formatter", "explain_then_answer", "tutor", "mastery_adaptive_brevity" ], "needs_drawing": false, "concepts_used": [ "Total Revenue Calculation" ], "new_concepts": [ "Demand Curve Analysis" ], "current_concepts": [ "Total Revenue Calculation", "Demand Curve Analysis" ] } ## Identify coordinates of point P1 Using the *Total Revenue Calculation* knowledge point $$ \begin{aligned} &\text{Price } (P) = \$55\ &\text{Quantity } (Q) = 10 \end{aligned} $$ ## Calculate total revenue Using the *Total Revenue Calculation* knowledge point $$ \begin{aligned} \text{Total Revenue} &= P \times Q \ &= 55 \times 10 \ &= 550 \end{aligned} $$

a. $600

b. $550

c. $150

d. $55

{ "subject": "Business", "question_type": "Multiple Choice", "knowledge_point": [ "Business", "Total Revenue Calculation", "Demand Curve Analysis" ] }

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Question

Explanation:

Identify coordinates of point P1

Calculate total revenue

Answer: