ECON 10010 Midterm: Principles of Microeconomics: Cheat Sheet Exam II
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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.Ā
price (P)($)Ā | Quantity demanded (Q)Ā | Total RevenueĀ | Marginal RevenueĀ | Price Elasticity of demand (Ed)Ā |
5.00 | 0 | Ā | Ā | Ā |
4.50 | 1 | Ā | Ā | Ā |
4.00 | 2 | Ā | Ā | Ā |
3.50 | 3 | Ā | Ā | Ā |
3.00 | 4 | Ā | Ā | Ā |
2.50 | 5 | Ā | Ā | Ā |
2.00 | 6 | Ā | Ā | Ā |
1.50 | 7 | Ā | Ā | Ā |
1.00 | 8 | Ā | Ā | Ā |
0.50 | 9 | Ā | Ā | Ā |
0.00 | 10 | Ā | Ā | Ā |
Use the following demand schedule for a monopolist to calculate total revenue and marginal revenue. For each price, indicate whether demand is elastic, unit elastic, or inelastic.Ā
Price (P)($) | Quantity demanded (Q)Ā | Total RevenueĀ | Marginal RevenueĀ | Price Elasticity of demand (Ed) |
5.00 | 0 | Ā | Ā | Ā |
4.50 | 1 | Ā | Ā | Ā |
4.00 | 2 | Ā | Ā | Ā |
3.50 | 3 | Ā | Ā | Ā |
3.00 | 4 | Ā | Ā | Ā |
2.50 | 5 | Ā | Ā | Ā |
2.00 | 6 | Ā | Ā | Ā |
1.50 | 7 | Ā | Ā | Ā |
1.00 | 8 | Ā | Ā | Ā |
0.50 | 9 | Ā | Ā | Ā |
0.00 | 10 | Ā | Ā | Ā |