ECON101 Chapter Notes - Chapter 5: Economic Equilibrium, Price Ceiling, Deadweight Loss
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8 Apr 2014
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Look at the dataset below:
Q | P | Revenue | MR | Elasticity | ||
0 | 12 | 0 |
| |||
1 | 10 | 10 |
|
| ||
2 | 8 | 16 |
|
| ||
3 | 6 | 18 |
|
| ||
4 | 4 | 16 |
|
| ||
5 | 2 | 10 |
|
| ||
6 | 0 | 0 |
|
| ||
7 | -2 | -14 |
|
|
Please find the following quantities
a. Find the quantity at which revenue is maximzed and explain your reasoning
b. Find the quantity where eleasticity is negative 1 (-1) and explain
c. Find the quantity where marginal revenue is 0 and explain
d. What is the revenue maximizing formula (algebra) we could derive?