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b) Calculate Price (P)Quantity 1 2 3 45 4 5 6 Elasticity Demanded (Q) Coefficient ofTR(PxQ) Demand (Ed) 6 5 4 3 2 the Elasticity of Demand 1 Total Revenue Total Revenue Test Elastic, Inelastic or Unit elastic

b) Calculate Price (P)Quantity 1 2 3 45 4 5 6 Elasticity Demanded (Q) Coefficient ofTR(PxQ) Demand (Ed) 6 5 4 3 2 the Elasticity of Demand 1 Total Revenue Total Revenue Test Elastic, Inelastic or Unit elastic

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question no 3: a) What are the determinants of demand? Explain. b) Calculate the Elasticity of Demand Price (P)Quantity 1 2 3 4 5 6 0 Elasticity Demanded (Q) Coefficient of TR(PxQ) Demand (Ed) 1 2 3 4 5 6 7 8 9 10 6 5 4 3 2 Question no 4 a) Fixed Cost is $100. Calculate Total Cost, Average Fixed Cost, Average Variable Cost, Average Total Cost, and Marginal Cost and complete the table below. Total Total Total product Fixed cost Variable Cost cost 0 90 170 240 300 370 450 540 Total Revenue Total Revenue Test Elastic, Inelastic or Unit elastic 650 780 930 Total Average Average Average Marginal Fixed Cost Variable total Cost Cost Cost b) Show the relation between TC, MC, AVC, AFC, ATC graphically.
Transcribed Image Text:Question no 3: a) What are the determinants of demand? Explain. b) Calculate the Elasticity of Demand Price (P)Quantity 1 2 3 4 5 6 0 Elasticity Demanded (Q) Coefficient of TR(PxQ) Demand (Ed) 1 2 3 4 5 6 7 8 9 10 6 5 4 3 2 Question no 4 a) Fixed Cost is $100. Calculate Total Cost, Average Fixed Cost, Average Variable Cost, Average Total Cost, and Marginal Cost and complete the table below. Total Total Total product Fixed cost Variable Cost cost 0 90 170 240 300 370 450 540 Total Revenue Total Revenue Test Elastic, Inelastic or Unit elastic 650 780 930 Total Average Average Average Marginal Fixed Cost Variable total Cost Cost Cost b) Show the relation between TC, MC, AVC, AFC, ATC graphically.
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