The following table shows revenue, costs, and profits, where quantities are in thousands, and total revenue, total cost, and profit are in millions of dollars: Find the profit maximizing price and quantity. Price Quantity (1,000s) Total Revenue Marginal Revenue Total Cost Profit $ 100 0 $ 0 ---- $ 2 $ -2 90 100 9 $ 9 3 6 80 200 16 7 4 12 70 300 21 5 5 16 60 400 24 3 6 18 50 500 25 1 7 18 40 600 24 -1 8 16 30 700 21 -3 9 12 20 800 16 -5 10 6 10 900 9 -7 11 -2 0 1,000 0 -9 12 -12

The following table shows revenue, costs, and profits, where quantities are in thousands, and total revenue, total cost, and profit are in millions of dollars: Find the profit maximizing price and quantity. Price Quantity (1,000s) Total Revenue Marginal Revenue Total Cost Profit $ 100 0 $ 0 ---- $ 2 $ -2 90 100 9 $ 9 3 6 80 200 16 7 4 12 70 300 21 5 5 16 60 400 24 3 6 18 50 500 25 1 7 18 40 600 24 -1 8 16 30 700 21 -3 9 12 20 800 16 -5 10 6 10 900 9 -7 11 -2 0 1,000 0 -9 12 -12

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter3: Your Role As A Consumer

Section: Chapter Questions

Problem 5AA

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Elasticity of price
Elasticity at point D to E
Price Quantity Demanded Item Last Month This Month Last Month This Month Large Drink $6.00 $5.50 150 161 Large Popcorn $7.50 $8.00 125 101 Small Drink $2.50 $2.00 75 80 Small Popcorn $5.00 $5.25 45 39 Candy $4.00 $3.50 57 68 Hot Dog $5.00 $5.25 35 36 Movie Ticket $8.00 $9.00 428 300 Q1: Calculate the price elasticity of demand for small drinks. (Show your work. Q2: Is the price elasticity of demand for small drinks price elastic, inelastic, or unit (unitary)?
Price Quantity Demanded Item Last Month This Month Last Month This Month Large Drink $6.00 $5.50 150 161 Large Popcorn $7.50 $8.00 125 101 Small Drink $2.50 $2.00 75 80 Small Popcorn $5.00 $5.25 45 39 Candy $4.00 $3.50 57 68 Hot Dog $5.00 $5.25 35 36 Movie Ticket $8.00 $9.00 428 300 Q1: Calculate the total revenues earned by the theater last month and this month (Show work please) Q2: Calculate the price elasticity of demand for large drinks. (Show work please) Q3: Is the price elasticity of demand for large drinks price elastic, inelastic, or unit (unitary)?
Price Quantity Demanded Item Last Month This Month Last Month This Month Large Drink $6.00 $5.50 150 161 Large Popcorn $7.50 $8.00 125 101 Small Drink $2.50 $2.00 75 80 Small Popcorn $5.00 $5.25 45 39 Candy $4.00 $3.50 57 68 Hot Dog $5.00 $5.25 35 36 Movie Ticket $8.00 $9.00 428 300 Q1: Calculate the price elasticity of demand for candy. Q2: Is the price elasticity of demand for candy price elastic, inelastic, or unit (unitary)?
Price Quantity Demanded Item Last Month This Month Last Month This Month Large Drink $6.00 $5.50 150 161 Large Popcorn $7.50 $8.00 125 101 Small Drink $2.50 $2.00 75 80 Small Popcorn $5.00 $5.25 45 39 Candy $4.00 $3.50 57 68 Hot Dog $5.00 $5.25 35 36 Movie Ticket $8.00 $9.00 428 300 Q1: Calculate the price elasticity of demand for small popcorn Q2: Is the price elasticity of demand for small popcorn price elastic, inelastic, or unit
Price Quantity Demanded Item Last Month This Month Last Month This Month Large Drink $6.00 $5.50 150 161 Large Popcorn $7.50 $8.00 125 101 Small Drink $2.50 $2.00 75 80 Small Popcorn $5.00 $5.25 45 39 Candy $4.00 $3.50 57 68 Hot Dog $5.00 $5.25 35 36 Movie Ticket $8.00 $9.00 428 300 Q1: Calculate the price elasticity of demand for large popcorn (show work) Q2: Is the price elasticity of demand for large popcorn price elastic, inelastic, or unit (unitary)? Q3:
Price Quantity Demanded Item Last Month This Month Last Month This Month Large Drink $6.00 $5.50 150 161 Large Popcorn $7.50 $8.00 125 101 Small Drink $2.50 $2.00 75 80 Small Popcorn $5.00 $5.25 45 39 Candy $4.00 $3.50 57 68 Hot Dog $5.00 $5.25 35 36 Movie Ticket $8.00 $9.00 428 300 Q1: Calculate the price elasticity of demand for hot dogs Q2: Is the price elasticity of demand for hot dogs price elastic, inelastic, or unit (unitary)?
6. Elasticity and total revenue The following graph shows the daily demand curve for bikes in Denver. Use the green rectangle (triangle symbols) to compute total revenue at various prices along the demand curve. Note: You will not be graded on any changes made to this graph. 2 Total Revenue PRICE (Dollars per bike) 88NR S 89 88 89 O 300 275 18 27 35 45 54 53 72 QUANTITY (Bikes) 91 Demand 90 99 108
What is total revenue if price and quantity and $5 and 20 units
The figure below represents the weekly demand for GPS units. Price (dollars) 220 200- 180- 160 140 120 100- 80 60 40 20 0 Demand for GPS Units 40 80 120 160 200 240 280 320 360 400 440 Quantity (GPS units) < Prev ***Y 3 of 18 +++ www Next Maternit
A toy manufacturing firm makes a toy $5 and decide a markup of 3$. Calculate the selling price.

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Price	Quantity (1,000s)	Total Revenue	Marginal Revenue	Total Cost	Profit
$ 100	0	$ 0	----	$ 2	$ -2
90	100	9	$ 9	3	6
80	200	16	7	4	12
70	300	21	5	5	16
60	400	24	3	6	18
50	500	25	1	7	18
40	600	24	-1	8	16
30	700	21	-3	9	12
20	800	16	-5	10	6
10	900	9	-7	11	-2
0	1,000	0	-9	12	-12