Homework 4 part 2 - 17 The new profit maximizing...

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17.The new profit maximizing quantity (in cups) of lemonade is .Table for Individual Question FeedbackPoints Earned:3.0/3.0
18.The new corresponding maximum profit is $Table for Individual Question FeedbackPoints Earned:3.0/3.0
19.Imagine that you kept the “sticky” lemonade price even though demand has changed (use the price you found in #12). What is the quantity sold now? Table for Individual Question FeedbackPoints Earned:3.0/3.0
20.NOTE:There is no graphing component to be collected for this homework. However, you should be comfortable creating two separate graphs from the above questions in part 2. You should be able to:1.Draw a demand curve graph showing both the original and new demand curves. Label equilibrium price and quantity in in both cases.2.Draw the total revenue curves for both cases in a graph directly below the demand curve graph (remember the horizontal axes for the demand curve graph and the total revenue graph are the same).

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