Question: Figure 5-8. A demand curve is shown on the graph below. On the graph, Q represents quantity demanded and P represents price. Refer to Figure

Figure 5-8. A demand curve is shown on the graph below. On the graph, Q represents quantity demanded and P represents price. Refer to Figure 5-8. The maximum value of total revenue corresponds to a price of a. $18. b. $30. c. $42. d. $48. Refer to Figure 5-8. Using the midpoint method, between prices of $12 and $18, price elasticity of demand is a. 0.33. b. 0.67. c. 1.33. d. 1.89

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2. Find out if there are other reference points that can be used as reasonable alternatives.

1. Identify your reference point when making a decision based on an element of risk.

3. If there are reasonable alternatives, think about your decisions based on the different reference points and see if there are any contradictions in the decisions.