5. need help with this please Consider the demand curve illustrated in the figure to the right.Is demand elastic or inelastic?O A. Demand is elastic (at all prices).O B.Demand is inelastic (at all prices).O C.Demand is elastic at all prices above $7.00 and inelastic at all prices below $7.00.O D.Demand is inelastic at all prices above $7.00 and elastic at all prices below $7.00.O E.Demand is elastic at all prices above $5.00 and inelastic at all prices below $5.00.At what price is total revenue maximized?Total revenue is maximized when price equals $Price20-18+16-14-12-10+8-6-4-2-0-02610 12 14 16 18Quantity20QQ✔

The price elasticity is calculated as the percentage change in quantity demanded divided by the…

Consider the demand curve illustrated in the figure to the right. Is demand elastic or inelastic? O A. Demand is elastic (at all prices). OB. Demand is inelastic (at all prices). O C. Demand is elastic at all prices above $7.00 and inelastic at all prices below $7.00. ⒸD. Demand is inelastic at all prices above $7.00 and elastic at all prices below $7.00. O E. Demand is elastic at all prices above $5.00 and inelastic at all prices below $5.00. At what price is total revenue maximized? Total revenue is maximized when price equals $[ 20 18- 16- 14. 124 10- 8- 6- 4- 2- 12 10 Quantity ID 14 16 18 20 Q

Consider the demand curve illustrated in the figure to the right. Is demand elastic or inelastic? O A. Demand is elastic (at all prices). OB. Demand is inelastic (at all prices). O C. Demand is elastic at all prices above $7.00 and inelastic at all prices below $7.00. ⒸD. Demand is inelastic at all prices above $7.00 and elastic at all prices below $7.00. O E. Demand is elastic at all prices above $5.00 and inelastic at all prices below $5.00. At what price is total revenue maximized? Total revenue is maximized when price equals $[ 20 18- 16- 14. 124 10- 8- 6- 4- 2- 12 10 Quantity ID 14 16 18 20 Q

Principles of Microeconomics

7th Edition

ISBN:9781305156050

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter5: Elastic And Its Application

Section: Chapter Questions

Problem 6PA: Suppose that your demand schedule for DVDs is as follows: Price Quantity Demanded (income = 10,000)...

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Using the midpoint formula for calculating the elasticity of supply, if the price of a good rose from $95 to $105, what would be the elasticity of supply if the quantity supplied changed from a. 38 to 42? b. 78 to 82? c. 54 to 66?
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If demand is elastic, will shifts in supply have a larger effect on equilibrium quantity or on price?
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Suppose that your demand schedule for DVDs is as follows: Price Quantity Demanded (income = 10,000) Quantity Demanded (income = 12,000) 8 40 DVDs 50 DVDs 10 32 45 12 24 30 14 16 20 16 8 12 a. Use the midpoint method to calculate your price elasticity of demand as the price of DVDs increases from 8 to 10 if (i) your income is 10,000 and (ii) your income is 12,000. b. Calculate your income elasticity of demand as your income increases from 10,000 to 12,000 if (i) the price is 12 and (ii) the price is 16.