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REQUIREMENTS: 1. Using Microsoft EXCEL, plot the above data set on a graph so that you can show the geometric interpretation with appropriate calibration on the vertical sand horizontal axis for PRICE and QUANTITY, respectively. 90 80 70 60 50 40 30 20 10 500 600 100 200 300 400 700 800 900 Quantity Demanded (Qd) 2. Compute for the pure value of Price Elasticity of demand at every Point (A, B, C, D, E, F, G, H, and I). 3. Interpret the computed Elasticity value at each POINT. 4. Compute for the Total Revenue (TR) at each POINT. At what POINT is TR maximum? Explain. 5. Examine the relationship(s) between Elasticity Value and TR at each POINT. PRICE

REQUIREMENTS: 1. Using Microsoft EXCEL, plot the above data set on a graph so that you can show the geometric interpretation with appropriate calibration on the vertical sand horizontal axis for PRICE and QUANTITY, respectively. 90 80 70 60 50 40 30 20 10 500 600 100 200 300 400 700 800 900 Quantity Demanded (Qd) 2. Compute for the pure value of Price Elasticity of demand at every Point (A, B, C, D, E, F, G, H, and I). 3. Interpret the computed Elasticity value at each POINT. 4. Compute for the Total Revenue (TR) at each POINT. At what POINT is TR maximum? Explain. 5. Examine the relationship(s) between Elasticity Value and TR at each POINT. PRICE

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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SUBJECT: MANAGERIAL ECONOMICS

COURSE CODE: BEC 101

 

ANSWER NUMBER FIVE ONLY

PRICE ELASTICITYOF DEMAND: APPLICATION FOR BUSINESS STRATEGY TO MAXIMIZE TOTAL REVENUE GIVEN: The following hypothetical data concerning PRICE "P" and QUANTITY demand (Qd) and Points "A" to "I" along the Demand Line that represent various combinations of "P" and "Qd", respectively. POINT PRICE QUANTITY DEMANDED (Pt) (P) (Qd) A 80 В C 70 60 100 200 50 300 40 400 30 20 500 600 G 10 700 800 REQUIREMENTS: 1. Using Microsoft EXCEL, plot the above data set on a graph so that you can show the geometric interpretation with appropriate calibration on the vertical sand horizontal axis for PRICE and QUANTITY, respectively. 90 80 A 70 B 60
Transcribed Image Text:PRICE ELASTICITYOF DEMAND: APPLICATION FOR BUSINESS STRATEGY TO MAXIMIZE TOTAL REVENUE GIVEN: The following hypothetical data concerning PRICE "P" and QUANTITY demand (Qd) and Points "A" to "I" along the Demand Line that represent various combinations of "P" and "Qd", respectively. POINT PRICE QUANTITY DEMANDED (Pt) (P) (Qd) A 80 В C 70 60 100 200 50 300 40 400 30 20 500 600 G 10 700 800 REQUIREMENTS: 1. Using Microsoft EXCEL, plot the above data set on a graph so that you can show the geometric interpretation with appropriate calibration on the vertical sand horizontal axis for PRICE and QUANTITY, respectively. 90 80 A 70 B 60
REQUIREMENTS: 1. Using Microsoft EXCEL, plot the above data set on a graph so that you can show the geometric interpretation with appropriate calibration on the vertical sand horizontal axis for PRICE and QUANTITY, respectively. 90 80 70 60 50 40 30 20 10 100 200 300 400 500 600 700 800 900 Quantity Demanded (Qd) 2. Compute for the pure value of Price Elasticity of demand at every Point (A, B, C, D, E, F, G, H, and I). 3. Interpret the computed Elasticity value at each POINT. 4. Compute for the Total Revenue (TR) at each POINT. At what POINT is TR maximum? Explain. 5. Examine the relationship(s) between Elasticity Value and TR at each POINT. PRICE
Transcribed Image Text:REQUIREMENTS: 1. Using Microsoft EXCEL, plot the above data set on a graph so that you can show the geometric interpretation with appropriate calibration on the vertical sand horizontal axis for PRICE and QUANTITY, respectively. 90 80 70 60 50 40 30 20 10 100 200 300 400 500 600 700 800 900 Quantity Demanded (Qd) 2. Compute for the pure value of Price Elasticity of demand at every Point (A, B, C, D, E, F, G, H, and I). 3. Interpret the computed Elasticity value at each POINT. 4. Compute for the Total Revenue (TR) at each POINT. At what POINT is TR maximum? Explain. 5. Examine the relationship(s) between Elasticity Value and TR at each POINT. PRICE
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