What is the point price elasticity of demand at a price

Assignment Help Business Economics
Reference no: EM13148522

The demand curve for pairs of sunglasses is: Q = 2,000 – 20 P a) How many pairs will be sold at $10? b) At what price would 2,000 pairs be sold? 0 pairs? 1,500 pairs? c) Write equations for Price, Total Revenue, and Marginal Revenue (in terms of Q). Draw graphs of P and MR one set of axes, and a graph of TR on another set of axes. d) What is the point price elasticity of demand at a price of $70? What is the point price elasticity of demand at a price of $60? What is the arc price elasticity of demand between a price of $70 and a price of $60? d) What will happen to total revenue if the price is lowered from $70 to $60? e) At what price will the price elasticity of demand be unitary?

Reference no: EM13148522

Questions Cloud

Which set of data represents a type of natural selection : Which set of data represents a type of natural selection that stabilizes the allele frequencies of the population?
Substantive tests of transactions : Design tests of controls, substantive tests of transactions, and analytical procedures for the following Apollo Shoes cycles:
Classified as held to maturity : If Dizbert Company concluded that an investment originally classified as available for sale would now more appropriately be classified as held to maturity, Dizbert would:
What is the activation energy for the reaction : If the rate increases by a factor of 10 as the temperature increases from 35 °C to 70°C, what is the activation energy for the reaction?
What is the point price elasticity of demand at a price : What is the point price elasticity of demand at a price of $70? What is the point price elasticity of demand at a price of $60?
How will the programs affect the debt : How will the programs affect the debt? How will they affect private investment? Is crowding out a concern in the short versus long run as a result of the proposed policies?
Which independent variable correlation-dependent variable : Develop a correlation matrix. Which independent variable has the strongest correlation with the dependent variable? Does it appear there will be any problems with multicollinearity?
Calculate point price elasticity a a price : Calculate point price elasticity a a price of $3 and calculate the point price elasticity at a point of $9. Is the demand price elastic or inelastic at these points?
How many species of insects would be expected on island d : A scientist has studied the community of insects on these islands and determined that the z-slope for them is 0.26. If island A is 420 ha and has 1450 species of insects, how many species of insects would be expected on island D which is 24ha?

Reviews

Write a Review

Business Economics Questions & Answers

  Illustrate which currently operates out of an office

Illustrate which currently operates out of an office in a small town near Boston, just discovered a vacancy in an office building in downtown Boston

  Illustrate what is the relation between marginal benefit

Illustrate what is the relation between marginal benefit and marginal cost at this level of the control variable.

  In which new trainees are paid relatively high starting

in which new trainees are paid relatively high starting salaries and are not expected to make substantial contributions to the company until after the program is over.

  What is present value of contract

If Professor Mamuns contract pays $100,000 every year for next 6 years, what is future value of this contract at 5% discount rate. What is present value of contract.

  Explain how does a decrease in foreign price levels affect

EXplain how does a decrease in foreign price levels affect domestic aggregate expenditures and demand.

  Explain why does this happen

We are all familiar with fluctuating prices of gasoline at the pump. Explain why does this happen.

  Given this situation you would describe wine as a

You have come to realize which you are only buying 3 bottles of wine a week now whereas you utilized to buy six bottles of wine when you made $60,000 a yr. Given this situation you would describe wine as a.

  Calculate the price of elasticity of demand for paint

Calculate the price of elasticity of demand for paint and show your calculations. decide whether the demand for paint is elastic,unitary elastic, or inelastic. explain your reasoning and interpret your results.

  Why perfectly competitive firm marginal revenue exceeds

Assume , at its present rate of output, a perfectly competitive firm's marginal revenue exceeds both its marginal cost and its average variable cost. To maximize profit, the firm should.

  Illustrate what effect will this have on its optimal price

The U.S. cigarette industry has negotiated with Congress and government agencies to settle liability claims against it. Illustrate what effect will this have on its optimal price.

  How you got answer and make it very detailed all work shown

step by step all work shown answer and please show all calculations and how you got answer and make it very detailed all work shown please.

  Consolidated companys total profit

Illustrate what is Consolidated Company's total profit under this condition.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd