Ans:
Explanation:
Total revenue ( TR ) = Price * Quantity
Price ( $ ) |
Quantity |
Total Revenue ( $ ) |
40 | 90 | 3600 |
60 | 81 | 4860 |
80 | 72 | 5760 |
100 | 63 | 6300 |
120 | 54 | 6480 |
140 | 45 | 6300 |
160 | 36 | 5760 |
Answer to first blank : - 0.14 or 0.14 ( absolute value)
Explanation:
Initial price ( P1 ) =$40
New price ( P2 ) = $20
Initial quantity ( Q1 ) = 90
New quantity ( Q2) =99
PED = ∆Q/∆P *( P1 + P2 / Q1 + Q2)
={ ( 99 - 90 ) / ( 20 - 40 ) } * { (40 + 20 ) / ( 90 + 99)
= ( 9 / -20 ) * ( 60 / 189)
= -0.45 * 0.3174
= - 0.14 or 0.14 ( absolute value)
Answer to second blank: less elastic
Answer to third blank: increase
Answer to fourth blank: inelastic
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No
hand written answers please
microeconomics
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