Question

An individual consumes a single good (y) according to the demand curve y = 200,000 -...

An individual consumes a single good (y) according to the demand curve y = 200,000 - 10,000 p.
a) Suppose p = 17 (for part a only). Calculate the price elasticity at this point.
b) Find the price for which the price elasticity is equal to -1.
c) Find the equation for the marginal revenue.

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
An individual consumes a single good (y) according to the demand curve y = 200,000 -...
An individual consumes a single good (y) according to the demand curve y = 200,000 - 10,000 p. a) Suppose p = 17 (for part a only). Calculate the price elasticity at this point. b) Find the price for which the price elasticity is equal to -1. c) Find the equation for the marginal revenue.
An individual consumes only one good, the good there. It has the demand curve y =...
An individual consumes only one good, the good there. It has the demand curve y = 15 - (p / 3). The price of the good increases from $ 15 to $ 24. a) Calculate the change in net consumer surplus due to this price increase. b) Calculate the change in gross consumer surplus due to this price increase.
Urgently needed An individual consumes only one good, the good Y. It has the demand curve...
Urgently needed An individual consumes only one good, the good Y. It has the demand curve y = 15 - (p / 3). The price of the good there increases from $ 15 to $ 24. a) Calculate the change in net consumer surplus due to this price increase. b) Calculate the change in gross consumer surplus due to this price increase.
Given demand curve for Silvana Chocolates Company ( SCC ) a. How many Bars could be...
Given demand curve for Silvana Chocolates Company ( SCC ) a. How many Bars could be sold for $100? b. At what price would SCC sales fall to zero? QD = 10,000 - 25P. c. What is the total revenue (TR) equation for SCC in terms of output, Q? What is the marginal revenue equation in terms of Q? d. What is the point-price elasticity of demand when P = $150 ? What is total revenue at this price? What...
Suppose the demand for good X can be represented by the following equation: QX = 50...
Suppose the demand for good X can be represented by the following equation: QX = 50 - 1.25P. Furthermore, suppose that the demand for good Y can be represented by QY = 20 - 0.5P. a. Find the elasticity of demand for both good X and good Y when the price of X is $10 and the price of Y is $15. b.If the community’s goal is to raise tax revenue as efficiently as possible, what should be the ratio...
2. The market for a good has an inverse demand curve of p = 40 –...
2. The market for a good has an inverse demand curve of p = 40 – Q and the costs of producing the good are defined by the following total cost function: TC = 100 + 1.5Q2. a. If this good is produced in a monopoly market, provide a graph of the demand curve, marginal revenue curve and marginal cost curve. Then calculate the equilibrium output and price . b. Calculate the price elasticity of demand at the equilibrium price...
2. The market for a good has an inverse demand curve of p = 40 –...
2. The market for a good has an inverse demand curve of p = 40 – Q and the costs of producing the good are defined by the following total cost function: TC = 100 + 1.5Q2. a. If this good is produced in a monopoly market, provide a graph of the demand curve, marginal revenue curve and marginal cost curve. Then calculate the equilibrium output and price . b. Calculate the price elasticity of demand at the equilibrium price...
2. The market for a good has an inverse demand curve of p = 40 –...
2. The market for a good has an inverse demand curve of p = 40 – Q and the costs of producing the good are defined by the following total cost function: TC = 100 + 1.5Q2. a. If this good is produced in a monopoly market, provide a graph of the demand curve, marginal revenue curve and marginal cost curve. Then calculate the equilibrium output and price. b. Calculate the price elasticity of demand at the equilibrium price and...
Question 5 A. Explain five uses of the concept of elasticity of demand. B. The demand...
Question 5 A. Explain five uses of the concept of elasticity of demand. B. The demand curve for widgets is QD = 10,000 - 25P. a. How many widgets could be sold for $100? b. At what price would widget sales fall to zero? c. What is the total revenue (TR) equation for widgets in terms of output, Q? What is the marginal revenue equation in terms of Q? d. What is the point-price elasticity of demand when P =...
1/Consider the demand curve Q=100-50P. Draw the demand curve and indicate which portion of the curve...
1/Consider the demand curve Q=100-50P. Draw the demand curve and indicate which portion of the curve is elastic, which portion is inelastic, and which portion is unit elastic. 2/ Suppose the demand for crossing the Golden Gate Bridge is given by Q=10,000 – 1000P. If the toll (P) is $3, how much revenue is collected? (15 points) What is the price elasticity of demand at this point? (10 points) Could the bridge authorities increase their revenues by changing their price?...