Answered: If the value of price is $13 and the…

Business

Economics

If the value of price is $13 and the quantity is $14 find the total revenue

Microeconomics: Principles & Policy

14th Edition

ISBN:9781337794992

Author:William J. Baumol, Alan S. Blinder, John L. Solow

Publisher:William J. Baumol, Alan S. Blinder, John L. Solow

Chapter6: Demand And Elasticity

Section: Chapter Questions

Problem 4DQ

See similar textbooks

Related questions

Q: depends on the elasticity of supply and not on the marginal cost cannot be separated from the demand…

A: There is no supply bend for a monopolist. This varies from a competitive industry, where there is a…

Q: The elasticity of supply measures the sensitivity of a. price to changes in supply. b. quantity…

A: (Q) The elasticity of supply measures the sensitivity of a. price to changes in supply. b.…

Q: A producer supplies 400 units of a good at 10 per unit price last elasticity of supply is 2 how many…

A: At a price of 10, 400 units are supplied. i.e., P0 = 10 and Q0=400 Now the price increase to 11 per…

Q: An increase in the price of lemons from $10.50 per bushel to $19.50 decreased the quantity demanded…

A: Given there is an increase in the price of lemons from $10.50 per Bushel to $19.50 decreased the…

Q: If the percentage change in the quantity supplied is 13% and the percentage change in price is 20%…

A: In the question, Elasticity of supply = ? Percentage change in quantity supplied = 13% Percentage…

Q: List down products/services for which Demand is less elastic also with Demand is more elastic

A: Elasticity: It refers to the supply and demand of the economy, which changes with the price of goods…

Q: price is above the equilibrium, there will be excess supply of the product

A: True :- Because if the price of a good is above the equilibrium, this means that the quantity of…

Q: This good is more elastic in supply. * milk hamburger corn housing

A: Answer: Hamburger Hamburger, The elasticity of supply for hamburgers is more as its supply can be…

Q: You work for a company that produces statistical software used by professional 3. researchers and…

A: Answer: Given, Price elasticity of demand of researchers = -0.3 (inelastic demand) Price elasticity…

Q: suppose for commodity X, the price elasticity of demand is 3 and the marginal cost is RM200. compute…

A: Given the price elasticity of demand (3) and marginal cost (200), the optimal price could be…

Q: If the price of good x falls and the demand for good x is unit eleastic, then the percentage rise in…

A: Elasticity is a term used in economics to describe how the aggregate quantity demanded of an item or…

Q: A decrease in the from R1,50 to R1,20 results in the demand for the good increasing by 10%.…

A: As you have not mentioned the exact question to answer as per our policy I am answering first three…

Q: If demand is _________ with respect to price, a price increase will ___________ total revenue.

A: The firm charges a price for the quantity demanded sold by the firm, as a result, the firm earns…

Q: A good that has a lot of substitutes, that is a necessity and is relatively inexpensive will most…

A: A necessary good is a good for which a change in price will not significantly affect its quantity…

Q: 4.1) If the price of a gardenburger increases from RM8 to RM10, the price elasticity of demand…

A: Price elasticity of demand is used as a measure to show how much of quantity demanded for a good…

Q: Producers' total revenue will decrease if the price rises and demand is elastic. income…

A: Revenue: It means the value of all sales of goods and services recognized by a company in a period.…

Q: The dealer increase price of TV by 5 percent then quantity increase by 10 percent. find the…

A: Given values; The percentage change in price = 5 percent. The percentage change in quantity = 10…

Q: Wood is demanded for making Table, chair, beds. This demand is known as: Composite demand Cross…

A: Demand is the willingness and ability of consumers for consuming and buying goods and services at…

Q: Suppose a Palestinian company (Siniora Food Industries Company) sells 20,000 units when the price is…

A: A. Q1 = 20,000 units Q2 = 30,000 units Using mid-point method: Percentage change in quantity =…

Q: When the price of a good increased from $19 to $23, the quantity demanded dropped from 12 units to 9…

A: Price elasticity of demand measures the responsiveness of quantity demanded changes as a result of…

Q: A firm revenue rises from $400 to $500 when the price of its product rises from $20 per unit to $25…

A: we are given that initial total revenue =$400 final total revenue =$500 initial price =$20 final…

Q: When the price =10000- 100(Demand), the demand that = maximize the total revenue

A: Price = 10000 - 100 (Demand) The above function is the demand equation. ----------------- Total…

Q: If price and total revenue move in the same direction, then demand is

A: To find : Effect on demand

Q: When the price of a good rises from $20 per unit to $30 per unit,the revenue of the firm producing…

A: As per the question we are given that P1= $20 P2=$30 TR1=$100 TR2=$300 we have to find price…

Q: A horizontal demand curve or supply curve would be called: Group of answer choices Cross elastic…

A: Elasticity is a term used in economics to describe how the aggregate quantity demanded of an item or…

Q: Fill in the blanks: When demand is price-elastic, an increase in price causes total revenue to When…

A: Demand: The relation between price and demand is inverse. If the price increases the demand falls.…

Q: if the price elasticity of demand is 1.6 and a firm increases the price of its product by 10%, it…

A: Elasticity measures how sensitive a variable is to changes in other variables, like price.Price…

Q: If the marginal revenue from a product is $15 and the price elasticity of demand is −1.2, what is…

A: Formula through which the price of the product can be ascertained in terms of marginal revenue and…

Q: George has been selling 5,500 T-shirts per month for $9.50. When he increased the price to $10.50,…

A: Price elasticity of demand:-The price elasticity of demand is a measure of how a product's…

Q: The quantity demanded of a commodity at price 8 per unit is 600 units. Its price falls by 25% and…

A: The percentage change in price = 25% Initial quantity = 600 units Final quantity = 300 units

Q: The quantity demanded of a commodity at price 8 per unit is 600 units. Its price falls by 25% and…

A: Given percentage decrease in price = 25% Initial quantity = 600 units Final quantity = 120 units

Q: Which of the following is most likely to have a low price elasticity of demand? A good that is very…

A: Answer: The demand for goods that are expansive, luxurious, and goods having many substitutes will…

Q: Problem 4. The price is a function of demand given as p(q) = 2.5 In (300). Use the elasticity…

A: Given Demand equation: p(q)=2.5ln300q .... (1) We have to find revenue-maximizing…

Q: The Energizer Bunny that “keeps going and going” has been a very successful ad campaign for that…

Q: A firm supplies 500 units of a good at a price of ? 5 per unit. The price elasticity of supply of a…

A: Price elasticity of supply measures the responsiveness to the supply of a good or service after a…

Q: Billy Bob's Barber Shop knows that a 5 percent increase in the price of their haircuts results in a…

Q: The seller will sell 1,000 units. 7. The price of a commodity is Rs. 10 per unit and its quantity…

A: Given, price of commodity = $10 Quantity supplied at $10 = 500 units Percentage fall in price = 10%…

Q: George has been selling 5,500 T-shirts per month for $9.50. When he increased the price to $10.50,…

A: Elasticity of demand measures the responsiveness of quantity demanded to changes in price.A firm…

Q: A rise in the price of cabbage from $14 to $18 per bushel, caused by a shift of the demand curve,…

A: Point elasticity of supply is given as Es= % change in quantity supplied/% change in price Es=…

Q: Your company makes a product, Widgex, that has no direct substitutes, currently popular, and very…

A: The price of the products can be set according to the level of price elasticity of demand, that is…

Q: You are the marketing manager of a farm. How will you transform its price elastic products, such as…

A: Price elasticity of demand is an economic variable that measures the responsiveness of quantity…

Q: Price Elasticity of Demand Problem Business has price elasticity of -1.5 They sold 300 units at…

A: Price elasticity of demand =-1.5 Initially, at the price of $10, they sold 300 units P1 =$10, Q1=300…

Q: Suppose the price elasticity of demand for oil is 0.2 in the short run and 0.7 in the long run. a.…

A: Price elasticity in short run = 0.2 Price elasticity in long run = 0.7 Short Run : 0.2 = % change in…

Q: Question 7

A: Price elasticity of demand can be calculated as follows:

Q: If the price elasticity of supply is zero, the supply curve isa. upward sloping.b. horizontal.c.…

A: Answer - Need to find - If the price elasticity of supply is zero, the supply curve is Evaluating…

Q: POINTS PRICE QUANTITY TOTAL REVENUE PRICE ELASTICITY DEMANDED OF DEMAND A 50 150 7,500 В 45 200…

A: The degree to which demand responds to a change in another economic component like price, income…

Q: Use the following demand schedule to determine total revenue for each possible level of sales:…

A: Given data: Product price: 2, 2, 2, 2, 2, 2 Quantity demanded: 0, 1, 2, 3, 4, 5

Q: A 110 90 "D2 180 200 360 Quantity

A: Old Price: 110 New Price: 90 Old Quantity: 360 New Quantity: 200

Question

If the value of price is $13 and the quantity is $14 find the total revenue

Video Video

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Along a segment of the demand curve where the price elasticity of demand is less than 1, a decrease in price a. is impossible. b. will increase total revenue. c. will decrease total revenue. d. decreases quantity demanded.
After running a promotional campaign, the owners of a local hardware store decided to decrease the prices for the advertised products sold in their store. One can infer that a. the promotional expenditures made the demand for the advertised products more elastic. b. the promotional expenditures made the demand for the advertised products less elastic. c. the promotional expenditures had no effect on the demand elasticity. d. the owners got it wrong. To cover the promotional expenses, they should have raised the prices.
Suppose Erin, the owner-manager of a local hotel projects the following demand for her rooms: a. Calculate the price elasticity of demand between 90 and 110. b. Is the price elasticity of demand between 90 and 110 elastic, unit elastic, or inelastic? c. Will Erins total revenue rise if she increases the price from 90 to 110? d. Calculate the price elasticity of demand between 110 and 130. e. Is the price elasticity of demand between 110 and 130 elastic, unit elastic, or inelastic? f. Will Erins total revenue rise if she increases the price from 110 to 130?
If bus travel is an inferior good, its income elasticity of demand is a. strictly greater than 1. b. positive. c. equal to zero. d. negative.
Nike sells branded sneakers. If it starts at a quantity of 1, as Nike increases quantity sold, its marginal revenue will
Wal-Mart charges $20 for the new Ghostbusters DVD and sells 400 copies per month. Then they reduce their price to $18, and sell 500 per month. Assuming a linear demand curve, find the optimal price to charge if the goal is to maximize revenue. (Note: the price does not necessarily have to be $20 or $18.) Show your work/thought process
If demand is _________ with respect to price, a price increase will ___________ total revenue.
If the price is given as 20 per unit and the given quantity is $150 billion Find the Total revenue
The Umezu Corporation produces books. When a book has a price of $25 per unit, it produces 20,000 units; when the price falls to $20 per unit, it produces 19,000 units. Calculate price elasticity of supply for the books.