ECON 106 Lecture Notes - Lecture 5: Standard Deviation
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Use the following demand schedule for a monopolist to calculate total revenue and marginal revenue. For each price, indicate whether the demand is elastic, unit elastistic or inelastic. Using the data from the demand schedule,graph the demand curve, the marginal revenue curve and the total revenue curve. Identify the elastic, unit elastic and inelastic segments along the demand curve.
Price(P) | Quantitiy demanded (Q) | Total Renenue (TR) | Marginal Revenue (MR) | Price elasticity of demand |
5 | 0 | |||
4.5 | 1 | |||
4 | 2 | |||
3.5 | 3 | |||
3 | 4 | |||
2.5 | 5 | |||
2 | 6 | |||
1.5 | 7 | |||
1 | 8 | |||
0.5 | 9 | |||
0 | 10 |
On an excel sheet answer the following questions:
Q=Quantity (in 100s) of aspirin purchased in a year
P= Average price of aspirin in that year
Y=Annual income
A=Age of buyer
Q1. If we divide the population into two groups, up to age 35 and over age 35, which group purchases more aspirin?
Q2. Divide the population into three groups- up to age 30, over 30 and up to 45, and over 45. Do the purchases vary by age?
Q3. What is the relationship in a regression analysis between Q and P? Between Q and Y? Between Q and A?
Observation | Q | P | Y | A |
1 | 1 | 1.5 | 20 | 25 |
2 | 2 | 1.5 | 40 | 20 |
3 | 4 | 1 | 12 | 25 |
4 | 2 | 1 | 10 | 30 |
5 | 2 | 1 | 8 | 30 |
6 | 3 | 2 | 30 | 35 |
7 | 3.5 | 1.5 | 30 | 40 |
8 | 4 | 2 | 20 | 40 |
9 | 7 | 1 | 20 | 45 |
10 | 1 | 3 | 15 | 40 |
11 | 2 | 2 | 18 | 30 |
12 | 3 | 2 | 20 | 32 |
13 | 3.5 | 2 | 15 | 36 |
14 | 4 | 2 | 10 | 30 |
15 | 2 | 3 | 25 | 20 |