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.Β
price (P)($)Β | Quantity demanded (Q)Β | Total RevenueΒ | Marginal RevenueΒ | Price Elasticity of demand (Ed)Β |
5.00 | 0 | Β | Β | Β |
4.50 | 1 | Β | Β | Β |
4.00 | 2 | Β | Β | Β |
3.50 | 3 | Β | Β | Β |
3.00 | 4 | Β | Β | Β |
2.50 | 5 | Β | Β | Β |
2.00 | 6 | Β | Β | Β |
1.50 | 7 | Β | Β | Β |
1.00 | 8 | Β | Β | Β |
0.50 | 9 | Β | Β | Β |
0.00 | 10 | Β | Β | Β |
Use the following demand schedule for a monopolist to calculate total revenue and marginal revenue. For each price, indicate whether demand is elastic, unit elastic, or inelastic.Β
Price (P)($) | Quantity demanded (Q)Β | Total RevenueΒ | Marginal RevenueΒ | Price Elasticity of demand (Ed) |
5.00 | 0 | Β | Β | Β |
4.50 | 1 | Β | Β | Β |
4.00 | 2 | Β | Β | Β |
3.50 | 3 | Β | Β | Β |
3.00 | 4 | Β | Β | Β |
2.50 | 5 | Β | Β | Β |
2.00 | 6 | Β | Β | Β |
1.50 | 7 | Β | Β | Β |
1.00 | 8 | Β | Β | Β |
0.50 | 9 | Β | Β | Β |
0.00 | 10 | Β | Β | Β |