13. Given the demand equation Q = 1,500-200P, calculate all the numbers necessary to fill in the following table: $7.00 6.50 6.00 5.50 5.00 4.50 4.00 3.50 3.00 2.50 Q Elasticity Point Arc Total Revenue Marginal Revenue

13. Given the demand equation Q = 1,500-200P, calculate all the numbers necessary to fill in the following table: $7.00 6.50 6.00 5.50 5.00 4.50 4.00 3.50 3.00 2.50 Q Elasticity Point Arc Total Revenue Marginal Revenue

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The demand curve for product a is given as Q = 2000 - 20P. a. How many units will be sold at $10? b. At what price would 2,000 units be sold? 0 units? 1,500? c. Write equations for total revenue and marginal revenue (in terms of Q). d. What will be the total revenue at a price of $70? What will be the marginal revenue? e. What is the point elasticity at a price of $70? f. If price were to decrease to $60, what would total revenue, marginal revenue, and point elasticity be now? g. At what price would elasticity be unitary?
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please walk through steps of how MR=MC with price is found
|Price Demanded Revenue Revenue Marginal Cost Cost $24 1000 $24,000 ** $15,000 ** ** ** $22 1250 $27,500 $14 $17,000 $8 $20 1500 $10 $19,500 $10 $18 1750 $31,500 Y $23,000 $14 $16 2000 $32,000 $2 $27,000 Z (a) Calculate total revenue at X. (b) Calculate marginal revenue at Y. (c) Calculate marginal cost at Z. (d) Find the profit maximizing price. (e) Find the profit maximizing quantity. (f) Find the profit the firm will earn.
Must solve the question completely. Don't solve it partially. Otherwise skip it if u don't want to solve completely.
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At maximum revenue seller will sell. ......units , at the price.......$