6 Safari File Edit View History Bookmarks Window Help .A TueNov 16 i2227PM .0. E] V Hngcengagecom (5' a + 35 .I o \"0 CENGAGE I MINDTAP Q Search this course 0 ; minoo v Aplia Homework: Chapter 15 Jake's Fire Engines is the sole seller of re engines In the fictional country of Pyrotanla. Initially, Jake produced seven fire engines, but he has decided to increase production to eight re engines. The following graph shows the demand curve Jake faces. As you can see, to sell the additional engine, Jake must lower his price from $100,000 to $50,000 per re engine. Note that while Jake gains revenue from the additional engine he sells, he also loses revenue from the initial seven engines because he sells them all at the lower price. Use the purple rectangle (diamond symbols) to shade the area representing the revenue lost from the lnltlal seven engines by selling at $50,000 rather than $100,000. Then use the green rectangle (triangle symbols) to shade the area representing the revenue gained from selling an additional englne at $50,000. , H Revenue Lost H Revenue Gained PRICE (Thousands of dollars per re engine) Safari File Edit View History Bookmarks Window Help Q 8 Tue Nov 16 12:27 PM ng.cengage.com C d + 88 g 1 MIS Bb Content x MindTap - Cengage Learning MindTap - Cengage Learning CENGAGE MINDTAP Q Search this course minoo v lent Aplia Homework: Chapter 15 O X ent 2 175 150 Revenue Gained atics 125 A-Z PRICE (Thousands of dollars per fire en Demand 100 shots 25 asl t.xIsx 0 2 3 5 8 9 10 QUANTITY (Fire engines) eh t.xIsx 1 Confi Jake increase production from 7 to 8 fire engines because the dominates in this scenario. bong t.xIsx True or False: If Jake's Fire Engines were a competitive firm instead and $100,000 were the market price for an engine, decreasing its price from Hypo .xisx $100,000 to $50,000 would result in a decrease in the production quantity, but an increase in total revenue. True ts O False At Grade It Now Save & Continue Continue without saving NOV 16:9 4