Table 5-4 Price Total Revenue $10 $100 $12 $108 $14 $112 $16 $112 Refer to Table...
Table 5-4
|
Price |
Total |
|
$10 |
$100 |
|
$12 |
$108 |
|
$14 |
$112 |
|
$16 |
$112 |
Refer to Table 5-4. When price is between $10 and
$14, demand is
Group of answer choices
elastic.
unit elastic.
inelastic.
There is not enough information given to determine whether demand is elastic, unit elastic, or inelastic.
Homework Answers
Ans.- Inelastic
When the price is increasing from 10 to 12 and then from 10 to 14, total revenue is increasing in both cases. This is possible only if demand is inelastic.
If demand is inelastic,then % decrease in quantity demanded is less than % Increase in price and hence total revenue rises.
Add Answer to:
Table 5-4
Price
Total
Revenue
$10
$100
$12
$108
$14
$112
$16
$112
Refer to Table...
Refer to Table 5-4 below. Given total revenue and price, as price rises from $14 to $16, compute the price elasticity of...
Refer to Table 5-4 below. Given total revenue and price, as price rises from $14 to $16, compute the price elasticity of demand using the midpoint method? Price Total Revenues Quantity Demanded $10 $100 10 $12 $108 9 $14 $112 8 $6 $112 7 1. 0.18. 2. 0.58. 2.64 points
Question 3: The graph below is the market for hats Price 20 18 16 14 10 Demand 100 200 300 400 50...
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Figure 5-3 10 Demand 246 8 10 12 14 16 18 20 22 24 26 ity...
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Refer to Figure 6-7. Using the total revenue test to verify the price elasticity between points a and b on the demand cu...
Refer to Figure 6-7. Using the total revenue test to verify the
price elasticity between points a and b on the demand curve, demand
is
Figure 6-7
Question 2 options:
A)
perfectly inelastic.
B)
unit-elastic.
C)
perfectly elastic.
D)
elastic.
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Table 2: Shoe Sales per Week Price Quantity Demanded 50 200 40 300 30400A 2a) Refer...
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PRICE Demand Q2 Q1 QUANTITY Refer to Figure 5-4. Total revenue when the price is P...
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is D right?
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Question 3: The graph below is the market for hats Price 20 18 16 14 10 Demand 100 200 300 400 500 600 700 800 900 Duatit Refer to the above figure and answer the following questions: Using mid-point method calculate the price elasticity between points A and B and mention if the situation is price elastic or price inelastic? Using mid-point method calculate the price elasticity between points B and C and mention if the situation is price elastic...
Figure 5-3 10 Demand 246 8 10 12 14 16 18 20 22 24 26 ity 10. Refer to Figure 5-3, a) Using the midpoint method what is the clalsticity of demand between point A and point B? b) Between point A and point B is demand elastic or inelastic?
Refer to Figure 6-7. Using the total revenue test to verify the
price elasticity between points a and b on the demand curve, demand
is
Figure 6-7
Question 2 options:
A)
perfectly inelastic.
B)
unit-elastic.
C)
perfectly elastic.
D)
elastic.
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Homework 4 (Chapter 4 and 5) 6 Refer to the demand schedule below: 60 1e0 150 200 250 108 400 a. Suppose the price increases from $10 to $20. Demand is Click to selec)and total revenue (Cick to selecty b. Suppose the price increases from $30 to $40. Demand is (Cick to select) and total revenue Click to selec) es C. Suppose the price increases from $50 to $60. Demand is (Click to selectand total revenue (Click to selec) (Click...
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