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Consider the market for a new , where the price is initially and 12 thousand copies are sold,
as indicated in the figure at point .
The music company is considering lowering the price to , at which price 20 thousand copies
would be sold.
What is total revenue at the initial price (at point ?
Revenue is initially thousand.

Ask by Whittaker Allan. in the United States
Mar 17,2025

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The total revenue at the initial price is $144 thousand.

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Bonus Knowledge

To calculate the total revenue at the initial price of when 12 thousand copies are sold, you multiply the price by the quantity sold.
Total revenue = Price × Quantity
Total revenue = × thousand = thousand.
So, the revenue is initially thousand.
Now, let’s look at the price drop to where 20 thousand copies would be sold. The new total revenue would be:
Total revenue = × thousand = thousand.
This highlights how adjusting the price can dramatically change revenue dynamics in a market!

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