Jack Hardware sold 6 pounds of bolts yesterday at a price of $4.00 per pound. This point is represented by the black plus symbol on the diagram below, which plots the price of bolts (measured in dollars per pound) and the quantity sold (measured in pounds). 10 New Price/Quantity CO 6 PRICE (Dollars per pound) A + W N 2 3 4 5 6 7 8 9 10 BOLTS (Pounds)Each small square in the grid for this graph has one side equal to 1 pound of bolts and one side equal to 1 dollar per pound. The area of one small square is therefore V . There are E small squares in the purple shaded rectangle. On this graph, the area of the purple rectangle corresponds to: 0 Jack Hardware's revenue from selling bolts, measured in dollars 0 The price of the bolts, measured in dollars per pound O The number of bolts that Jack Hardware sold, measured in pounds 0 None of thesethe area has no meaning Now suppose Jack Hardware lowers its price to $3.00 per pound of bolts. As a result, it now sells 8 pounds of bolts. Use the blue rectangle to draw the area that corresponds to the new price and quantity. Did lowering the price of bolts increase Jack Ha rdware's revenue? 0 Yes ONo small square in the grid for this graph has one side equal to re is therefore 1 dollar e are irple shaded rectangle. 2 dollars per pound his graph, the a angle corresponds to: 2 pounds O Jack Hard 1 pound elling bolts, measured i O The price 1 dollar per pound in dollars per pound O The numb ardware sold, measured 2 dollars O None of these-the area has no meaning v suppose Jack Hardware lowers its price to $3.00 per pound o