1.

From the schedule provided below calculate the total revenue, demand curve and the price elasticity of demand:Quantity123456789Marginal Revenue106222000-5 

Answer»
QuantityMR   TRAR    Ed = ΔQ/ΔP x P/Q   
1101010/1 = 10-
2610 + 6 = 1616/2 = 81/2 x 10/1 = 5
3216 + 2 = 1818/3 = 61/2 x 8/2 = 2
4218 + 2 = 2020/4 = 51/1 x 6/3 = 2
5220 + 2 = 2222/5 = 4.41/0.5 x 5/4 = 2.5
6022 + 0 = 2222/6 = 3.6 1/0.9 x 4.5/5 = 1
7022 + 0 = 2222/7 = 3.11/0.5 x 3.6/6 = 1.2
8022 + 0 = 2222/8 = 2.71/0.4 x 3.1/7 = 1.1
9-522 + (-5) = 1717/9 = 1.91/0.8 x 2.7/9 =0.38


Discussion

No Comment Found

Related InterviewSolutions