{
  "id": "ped-total-revenue",
  "name": "PED and total revenue",
  "unit": "micro",
  "unitName": "Unit 2 · Microeconomics",
  "topic": "Elasticity",
  "hl": false,
  "description": "A price change on elastic demand moves total revenue the opposite way to price; on inelastic demand revenue moves the same way as price.",
  "keywords": [
    "PED",
    "total revenue",
    "TR",
    "elastic",
    "inelastic",
    "price change",
    "revenue gained",
    "revenue lost",
    "firm pricing"
  ],
  "schemaUrl": "https://graphs.lectere.com/api/v1/templates/ped-total-revenue",
  "previewUrl": "https://graphs.lectere.com/thumbs/ped-total-revenue.svg",
  "editorUrl": "https://graphs.lectere.com/graph/ped-total-revenue/",
  "params": [
    {
      "key": "case",
      "label": "Demand",
      "default": "elastic",
      "type": "enum",
      "options": [
        {
          "value": "elastic",
          "label": "Elastic (PED > 1)"
        },
        {
          "value": "inelastic",
          "label": "Inelastic (PED < 1)"
        }
      ]
    },
    {
      "key": "dir",
      "label": "Price change",
      "default": "fall",
      "type": "enum",
      "options": [
        {
          "value": "fall",
          "label": "Price falls"
        },
        {
          "value": "rise",
          "label": "Price rises"
        }
      ]
    },
    {
      "key": "kept",
      "label": "Shade revenue unchanged",
      "default": false,
      "type": "boolean"
    },
    {
      "key": "note",
      "label": "State the effect on total revenue",
      "default": true,
      "type": "boolean"
    }
  ],
  "defaults": {
    "case": "elastic",
    "dir": "fall",
    "kept": false,
    "note": true
  },
  "panels": [
    {
      "id": "main",
      "title": null,
      "xLabel": "Quantity",
      "yLabel": "Price",
      "xRange": [
        0,
        10
      ],
      "yRange": [
        0,
        10
      ],
      "axisKeys": {
        "x": "main:x",
        "y": "main:y"
      }
    }
  ],
  "labels": [
    {
      "key": "main:y",
      "default": "Price",
      "hint": "Vertical axis",
      "panel": "main"
    },
    {
      "key": "main:x",
      "default": "Quantity",
      "hint": "Horizontal axis",
      "panel": "main"
    },
    {
      "key": "main.lost",
      "default": "Lost",
      "hint": "Shaded area",
      "panel": "main"
    },
    {
      "key": "main.gained",
      "default": "Gained",
      "hint": "Shaded area",
      "panel": "main"
    },
    {
      "key": "main.d",
      "default": "D (PED > 1)",
      "hint": "Curve",
      "panel": "main"
    },
    {
      "key": "main.a:y",
      "default": "P_1",
      "hint": "Vertical-axis value",
      "panel": "main"
    },
    {
      "key": "main.a:x",
      "default": "Q_1",
      "hint": "Horizontal-axis value",
      "panel": "main"
    },
    {
      "key": "main.b:y",
      "default": "P_2",
      "hint": "Vertical-axis value",
      "panel": "main"
    },
    {
      "key": "main.b:x",
      "default": "Q_2",
      "hint": "Horizontal-axis value",
      "panel": "main"
    },
    {
      "key": "main.note",
      "default": "Price falls: total revenue rises\n(gain > loss)",
      "hint": "Text",
      "panel": "main"
    }
  ],
  "elements": [
    {
      "key": "main.lost",
      "kind": "area",
      "label": "Lost"
    },
    {
      "key": "main.gained",
      "kind": "area",
      "label": "Gained"
    },
    {
      "key": "main.d",
      "kind": "curve",
      "label": "D (PED > 1)"
    },
    {
      "key": "main.a",
      "kind": "point"
    },
    {
      "key": "main.b",
      "kind": "point"
    },
    {
      "key": "main.note",
      "kind": "text",
      "label": "Price falls: total revenue rises\n(gain > loss)"
    }
  ],
  "stats": null,
  "example": {
    "template": "ped-total-revenue",
    "params": {
      "case": "elastic",
      "dir": "fall",
      "kept": false,
      "note": true
    }
  }
}