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- (Price Elasticity and Total Revenue) Fill in the blanks for each price-quantity combination listed in the following table. What relationship have you depicted? Price P Q Elasticity Total Revenue $9 1 $8 2 ________ ___________ $7 3 ________ ___________ $6 4 ________ ___________ $5 5 ________ ___________ $4 6 ________ ___________ $3 7 ________ ___________ $2 8 ________ ___________Demand function = Q = 45e^-0.04P A. Find total revenue function B. Find total revenue maximum C. Calculate demand elasticity when quantity is at maximum total revenue8. Total revenue from the sale of X is given by the equation R=100Q-2Q2. Calculate the value of of marginal revenue when the point price elasticity of demand when marginal revenue=20
- Fill in the blanks for each price-quantity combination listed in the following table. What relationship have you depicted? Price P Q Elasticity Total Revenue $9 1 $8 2 ________ ___________ $7 3 ________ ___________ $6 4 ________ ___________ $5 5 ________ ___________ $4 6 ________ ___________ $3 7 ________ ___________ $2 8 ________ ___________ I'd like full answer, i really appreciatedPrice ($) Quantity Demanded Total Revenue Elasticity of Demand 20 0.5 18 1.5 16 2.5 14 4 12 6 10 8 8 11 6 15 4 20 2 26 Calculate total revenue for each price-quantity combination. Use the midpoint formula to calculate elasticity coefficients when price falls from $20 to $18, from $18 to $16, from $16 to $14, etc. Is elasticity constant along this demand schedule? Explain.Q1. Given cost function f(x) = 1/2(c)(x2), where c>0, and demand curve y(z) = z-a, where a > 1 a). Compute price elasticity of demand. b). Draw a diagram showing marginal cost and marginal revenue c). Find price and output that maximize profits d). Find the markup (price divided by marginal cost). Does it increase or decrease based on elasticity of demand?
- 9. Total revenue from the sale of X is given by the equation R=60Q-Q2. Calculate the value of marginal revenue when the point price elasticity of demand when marginal revenue is -2.Question 4a. Use the table below to complete the following exercise. Plot the price and quantity data. Indicate the price elasticity value at each price. What happens to the elasticity value as you move down the demand curve? Price (GH¢) % Change in Price Quantity Demanded % Change in Qty 5 100 10 100 80 220 15 66 60 225 20 33. 40 233 25 25 20 250 30 30. 0 2100 b. Below the demand curve plotted in (a), plot the total-revenue curve, measuring total revenue onthe vertical axis and quantity on the horizontal axis. Using…Answer the last two parts which is •Calculate the break even and profit maximizing levels of output and Price • what is the relationship between price, marginal revenue and own Price elasticity of demand at the profit maximizing point
- Total Revenue from the sale of X is given by the equation R =60Q-Q^2. Calculate the value of marginal revenue when the point price elasticity of demand when marginal revenue is -2.Explain: as an entrepreneur how can you use this concept of elasticity of demand in providing better value your customers? *Cross priceUse the following demand schedule to determine total and marginal revenue for each possible level of sales: Product price: 2, 2, 2, 2, 2, 2 Quantity demanded: 0, 1, 2, 3, 4, 5 Total revenue: 0, 2, 4, 6, 8, 10 MR: -, 2, 2, 2, 2, 2
