Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help me with the one I got wrong. Question c a. Use the following demand schedule to calculate total revenue and marginal revenue at

Please help me with the one I got wrong. Question c

image text in transcribedimage text in transcribed
a. Use the following demand schedule to calculate total revenue and marginal revenue at each quantity. Instructions: Enter your answers rounded to two decimal places. If you are entering any negative numbers be sure to include a negative sign H in front of those numbers. 0 Answer is complete and correct. Price (P) \"31mm, Total Revenue 2323; $7.00 0 6.50 1 6.50 9 6.00 2 5.50 9 5.50 3 4.50 9 5.00 4 3.50 0 4.50 5 2.50 9 4.00 6 1.50 9 3.50 7 0.50 9 3.00 8 -o.50 Q 2.50 9 -1.50 0 Instructions: Enter your answers rounded to two decimal places. For each segment, be sure to enter the highest price first. c. Use Chapter 6's total-revenue test for price elasticity to designate the elastic and inelastic segments of your graphed demand curve. Demand is elastic from a price of$ o to a price of$ 0 Demand is inelastic from a price of$ o to a price of $ El 0. d. In general, when marginal revenue is positive, demand is elastic 0. When marginal revenue is negative, demand is inelastic o. e. Suppose the marginal cost of successive units of output is zero. What output would the profitseeking firm produce? (Assume the firm can only produce whole units.) :I

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Capitalist Political Economy Thinkers And Theories

Authors: Heather Whiteside

1st Edition

0429888031, 9780429888038

More Books

Students also viewed these Economics questions

Question

An action plan is prepared.

Answered: 1 week ago