Quantity demanded Price Total revenue Marginal revenue Price

Homework Assistance Economics Quantity demanded Price Total revenue Marginal revenue Price

Economics

Quantity demanded Price Total revenue Marginal revenue Price

Quantity demanded Price Total revenue Marginal revenue Price elasticity 0 $700 … Show more Quantity demanded Price Total revenue Marginal revenue Price elasticity 0 $700 $_____ 1 650 _____ $_____ _____ 2 600 _____ _____ _____ 3 550 _____ _____ _____ 4 500 _____ _____ _____ 5 450 _____ _____ _____ 6 400 _____ _____ _____ 7 350 _____ _____ _____ 8 300 _____ _____ _____ 9 250 _____ _____ _____ 10 200 _____ _____ _____ 11 150 _____ _____ _____ 12 100 _____ _____ _____ 13 50 _____ _____ _____ 14 0 _____ _____ _____ a. Complete the table by computing total revenue, marginal revenue, and the price elasticity of demand (use midpoints formula). b. The relationships in the table indicate that (1) total revenue rises from $0 to a maximum of $_________ as price falls from $700 to $_________, and as price falls to $0, total revenue falls from its maximum to $_________; (2) the relationship between price and total revenue suggests that demand is price (elastic, inelastic) _______________ when quantity demanded is between 0 and 7 units of output, but that demand is price (elastic, inelastic) ________________ when quantity demanded is between 8 units and 14 units; (3) when demand is price elastic and total revenue rises from $0 to a maximum, marginal revenue is (negative, positive) _______________, but when demand is price inelastic and total revenue falls from its maximum, marginal revenue is _______________. c. Use the data in the previous table and the following graph to plot and graph the demand curve and the marginal revenue curve for the monopolist. Indicate the portion of the demand curve that is price elastic and the portion that is price inelastic. • Show less

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