Between 2008 and 2009, the quantity of lobsters caught in Maine increased by 8 percent. But the total value of the catch fell by $23 million, about 10 percent. (The "value" is, of course, total revenue to lobstermen.) The figures in the example imply prices for lobsters of $3.50 in 2008 and $2.93 in 2009. So total revenue in 2008 must have been $245 million. The table below (from the Excel workbook for this chapter) summarizes the results.

YEAR P Q total revenue %change in P %change in Q % change in TR

2008 $3.5 70.0 $245.00

2009 $2.93 75.6 $221.51 - 16.29% 8.00% -9.59%