Figure 2.24: Market Demanded Function for Good X Prices (S) P3 P2 P1 1 Given: P1 = $4.00 P2= $14.00 P3= $24.00 Q1=5 Q2=15 Q3=25 Demand Quantity (Q) Q1 Q2 Q3 Refer to Figure 2.24. Using the arc (midpoint) formula and when prices move from P3 to P2, the price- elasticity of demand coefficient (Ep) is about 1.900 2.000 1.800 2.200

Figure 2.24: Market Demanded Function for Good X Prices (S) P3 P2 P1 1 Given: P1 = $4.00 P2= $14.00 P3= $24.00 Q1=5 Q2=15 Q3=25 Demand Quantity (Q) Q1 Q2 Q3 Refer to Figure 2.24. Using the arc (midpoint) formula and when prices move from P3 to P2, the price- elasticity of demand coefficient (Ep) is about 1.900 2.000 1.800 2.200

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Bags/Participants Fixed Cost Variable Cost Total Cost 0 $1,700 $ - $1,700 100 $1,700 $500 $2,200 200 $1,700 $1,200 $2,900 300 $1,700 $2,700 $4,400 400 $1,700 $5,200 $6,900 500 $1,700 $9,000 $10,700 600 $1,700 $15,000 $16,700 700 $1,700 $23,800 $25,500 800 $1,700 $36,800 $38,500 900 $1,700 $55,800 $57,500 1,000 $1,700 $83,000 $84,700 Given the above information on cost, if you charge $15 per entry, what is the breakeven quantity of bags that you should order? At what quantity of bags will profits be maximized? A Use the profit maximizing rule, MR ≥ MC, buy 300 bags. B Use the profit maximizing rule, MR ≥ MC, buy 200 bags. C Use Qb = F/(MR-AVC) where Qb is the breakeven quantity to be determined, the optimal quantity of bags is 300. D Use Qb = F/(MR-AVC) where Qb is the breakeven quantity to be determined, the optimal quantity of bags is 200.
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