ECO 1102 Lecture Notes - Lecture 4: Excess Supply, Substitute Good, Normal Good
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25 Feb 2016
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Use the following demand schedule for a monopolist to calculate total revenue and marginal revenue. For each price, indicate whether demand is elastic, unit elastic, or inelastic.
price (P)($) | Quantity demanded (Q) | Total Revenue | Marginal Revenue | Price Elasticity of demand (Ed) |
5.00 | 0 | |||
4.50 | 1 | |||
4.00 | 2 | |||
3.50 | 3 | |||
3.00 | 4 | |||
2.50 | 5 | |||
2.00 | 6 | |||
1.50 | 7 | |||
1.00 | 8 | |||
0.50 | 9 | |||
0.00 | 10 |
Use the following demand schedule for a monopolist to calculate total revenue and marginal revenue. For each price, indicate whether demand is elastic, unit elastic, or inelastic.
Price (P)($) | Quantity demanded (Q) | Total Revenue | Marginal Revenue | Price Elasticity of demand (Ed) |
5.00 | 0 | |||
4.50 | 1 | |||
4.00 | 2 | |||
3.50 | 3 | |||
3.00 | 4 | |||
2.50 | 5 | |||
2.00 | 6 | |||
1.50 | 7 | |||
1.00 | 8 | |||
0.50 | 9 | |||
0.00 | 10 |