NB: Titles: Price (p), Quantity (Q), Elasticity ( ???????? ), Absolute value of Elasticity (| ???????? |),
Fantastic news! We've Found the answer you've been seeking!
Question:
NB: Titles: Price (p), Quantity (Q), Elasticity (????????), Absolute value of Elasticity (|????????|), Type of elasticity (Elastic, Unit-Elastic, Inelastic), Total Revenue (???????? =???? × ????) and Marginal Revenue (MR1). You will need to create a spreadsheet using Microsoft Excel (or any other spreadsheet software) that matches the one below.
Price (P) | Quantity (Q) | Elasticity | Absolute value of Elasticity | Type of Elasticity | TR | MR1 |
5 | ||||||
10 | ||||||
15 | ||||||
20 | ||||||
25 | ||||||
30 | ||||||
35 | ||||||
40 | ||||||
45 | ||||||
50 | ||||||
55 | ||||||
60 | ||||||
65 | ||||||
70 | ||||||
75 |
Transcribed Image Text:
1. Q = 160 - 2p is the equation for the demand function of a good Z, where p is the price in dollars per unit of good Z and Q is the quantity demanded of good Z in million per year. Sometimes, it is convenient to rewrite a demand function with price on the left side. This relationship is referred to as the inverse demand function. Therefore, the inverse demand function for good Z is p = 80-1/2Q. For a linear inverse demand p =a - bQ, the marginal revenue is given by MR = a - 2bQ. Therefore, the marginal revenue of good Z is given by MR1 = 80 - Q. This is denoted MR1 because another marginal revenue (MR2) will be introduced in part C of this problem. Use the point price elasticity for the following questions. A. Calculate the price elasticity of demand for each and every price between $5 and $75. Round the elasticity to four digits after the decimal point in the third column. Then, fill in the other columns using the appropriate equations and the equations given above. NB: Titles: Price (p), Quantity (Q), Elasticity (Ed), Absolute value of Elasticity (Ed), Type of elasticity (Elastic, Unit-Elastic, Inelastic), Total Revenue (TR =p x Q) and Marginal Revenue (MR1). You will need to create a spreadsheet using Microsoft Excel (or any other spreadsheet software) that matches the one below. 1. Q = 160 - 2p is the equation for the demand function of a good Z, where p is the price in dollars per unit of good Z and Q is the quantity demanded of good Z in million per year. Sometimes, it is convenient to rewrite a demand function with price on the left side. This relationship is referred to as the inverse demand function. Therefore, the inverse demand function for good Z is p = 80-1/2Q. For a linear inverse demand p =a - bQ, the marginal revenue is given by MR = a - 2bQ. Therefore, the marginal revenue of good Z is given by MR1 = 80 - Q. This is denoted MR1 because another marginal revenue (MR2) will be introduced in part C of this problem. Use the point price elasticity for the following questions. A. Calculate the price elasticity of demand for each and every price between $5 and $75. Round the elasticity to four digits after the decimal point in the third column. Then, fill in the other columns using the appropriate equations and the equations given above. NB: Titles: Price (p), Quantity (Q), Elasticity (Ed), Absolute value of Elasticity (Ed), Type of elasticity (Elastic, Unit-Elastic, Inelastic), Total Revenue (TR =p x Q) and Marginal Revenue (MR1). You will need to create a spreadsheet using Microsoft Excel (or any other spreadsheet software) that matches the one below. 1. Q = 160 - 2p is the equation for the demand function of a good Z, where p is the price in dollars per unit of good Z and Q is the quantity demanded of good Z in million per year. Sometimes, it is convenient to rewrite a demand function with price on the left side. This relationship is referred to as the inverse demand function. Therefore, the inverse demand function for good Z is p = 80-1/2Q. For a linear inverse demand p =a - bQ, the marginal revenue is given by MR = a - 2bQ. Therefore, the marginal revenue of good Z is given by MR1 = 80 - Q. This is denoted MR1 because another marginal revenue (MR2) will be introduced in part C of this problem. Use the point price elasticity for the following questions. A. Calculate the price elasticity of demand for each and every price between $5 and $75. Round the elasticity to four digits after the decimal point in the third column. Then, fill in the other columns using the appropriate equations and the equations given above. NB: Titles: Price (p), Quantity (Q), Elasticity (Ed), Absolute value of Elasticity (Ed), Type of elasticity (Elastic, Unit-Elastic, Inelastic), Total Revenue (TR =p x Q) and Marginal Revenue (MR1). You will need to create a spreadsheet using Microsoft Excel (or any other spreadsheet software) that matches the one below. 1. Q = 160 - 2p is the equation for the demand function of a good Z, where p is the price in dollars per unit of good Z and Q is the quantity demanded of good Z in million per year. Sometimes, it is convenient to rewrite a demand function with price on the left side. This relationship is referred to as the inverse demand function. Therefore, the inverse demand function for good Z is p = 80-1/2Q. For a linear inverse demand p =a - bQ, the marginal revenue is given by MR = a - 2bQ. Therefore, the marginal revenue of good Z is given by MR1 = 80 - Q. This is denoted MR1 because another marginal revenue (MR2) will be introduced in part C of this problem. Use the point price elasticity for the following questions. A. Calculate the price elasticity of demand for each and every price between $5 and $75. Round the elasticity to four digits after the decimal point in the third column. Then, fill in the other columns using the appropriate equations and the equations given above. NB: Titles: Price (p), Quantity (Q), Elasticity (Ed), Absolute value of Elasticity (Ed), Type of elasticity (Elastic, Unit-Elastic, Inelastic), Total Revenue (TR =p x Q) and Marginal Revenue (MR1). You will need to create a spreadsheet using Microsoft Excel (or any other spreadsheet software) that matches the one below. 1. Q = 160 - 2p is the equation for the demand function of a good Z, where p is the price in dollars per unit of good Z and Q is the quantity demanded of good Z in million per year. Sometimes, it is convenient to rewrite a demand function with price on the left side. This relationship is referred to as the inverse demand function. Therefore, the inverse demand function for good Z is p = 80-1/2Q. For a linear inverse demand p =a - bQ, the marginal revenue is given by MR = a - 2bQ. Therefore, the marginal revenue of good Z is given by MR1 = 80 - Q. This is denoted MR1 because another marginal revenue (MR2) will be introduced in part C of this problem. Use the point price elasticity for the following questions. A. Calculate the price elasticity of demand for each and every price between $5 and $75. Round the elasticity to four digits after the decimal point in the third column. Then, fill in the other columns using the appropriate equations and the equations given above. NB: Titles: Price (p), Quantity (Q), Elasticity (Ed), Absolute value of Elasticity (Ed), Type of elasticity (Elastic, Unit-Elastic, Inelastic), Total Revenue (TR =p x Q) and Marginal Revenue (MR1). You will need to create a spreadsheet using Microsoft Excel (or any other spreadsheet software) that matches the one below. 1. Q = 160 - 2p is the equation for the demand function of a good Z, where p is the price in dollars per unit of good Z and Q is the quantity demanded of good Z in million per year. Sometimes, it is convenient to rewrite a demand function with price on the left side. This relationship is referred to as the inverse demand function. Therefore, the inverse demand function for good Z is p = 80-1/2Q. For a linear inverse demand p =a - bQ, the marginal revenue is given by MR = a - 2bQ. Therefore, the marginal revenue of good Z is given by MR1 = 80 - Q. This is denoted MR1 because another marginal revenue (MR2) will be introduced in part C of this problem. Use the point price elasticity for the following questions. A. Calculate the price elasticity of demand for each and every price between $5 and $75. Round the elasticity to four digits after the decimal point in the third column. Then, fill in the other columns using the appropriate equations and the equations given above. NB: Titles: Price (p), Quantity (Q), Elasticity (Ed), Absolute value of Elasticity (Ed), Type of elasticity (Elastic, Unit-Elastic, Inelastic), Total Revenue (TR =p x Q) and Marginal Revenue (MR1). You will need to create a spreadsheet using Microsoft Excel (or any other spreadsheet software) that matches the one below. 1. Q = 160 - 2p is the equation for the demand function of a good Z, where p is the price in dollars per unit of good Z and Q is the quantity demanded of good Z in million per year. Sometimes, it is convenient to rewrite a demand function with price on the left side. This relationship is referred to as the inverse demand function. Therefore, the inverse demand function for good Z is p = 80-1/2Q. For a linear inverse demand p =a - bQ, the marginal revenue is given by MR = a - 2bQ. Therefore, the marginal revenue of good Z is given by MR1 = 80 - Q. This is denoted MR1 because another marginal revenue (MR2) will be introduced in part C of this problem. Use the point price elasticity for the following questions. A. Calculate the price elasticity of demand for each and every price between $5 and $75. Round the elasticity to four digits after the decimal point in the third column. Then, fill in the other columns using the appropriate equations and the equations given above. NB: Titles: Price (p), Quantity (Q), Elasticity (Ed), Absolute value of Elasticity (Ed), Type of elasticity (Elastic, Unit-Elastic, Inelastic), Total Revenue (TR =p x Q) and Marginal Revenue (MR1). You will need to create a spreadsheet using Microsoft Excel (or any other spreadsheet software) that matches the one below. 1. Q = 160 - 2p is the equation for the demand function of a good Z, where p is the price in dollars per unit of good Z and Q is the quantity demanded of good Z in million per year. Sometimes, it is convenient to rewrite a demand function with price on the left side. This relationship is referred to as the inverse demand function. Therefore, the inverse demand function for good Z is p = 80-1/2Q. For a linear inverse demand p =a - bQ, the marginal revenue is given by MR = a - 2bQ. Therefore, the marginal revenue of good Z is given by MR1 = 80 - Q. This is denoted MR1 because another marginal revenue (MR2) will be introduced in part C of this problem. Use the point price elasticity for the following questions. A. Calculate the price elasticity of demand for each and every price between $5 and $75. Round the elasticity to four digits after the decimal point in the third column. Then, fill in the other columns using the appropriate equations and the equations given above. NB: Titles: Price (p), Quantity (Q), Elasticity (Ed), Absolute value of Elasticity (Ed), Type of elasticity (Elastic, Unit-Elastic, Inelastic), Total Revenue (TR =p x Q) and Marginal Revenue (MR1). You will need to create a spreadsheet using Microsoft Excel (or any other spreadsheet software) that matches the one below. 1. Q = 160 - 2p is the equation for the demand function of a good Z, where p is the price in dollars per unit of good Z and Q is the quantity demanded of good Z in million per year. Sometimes, it is convenient to rewrite a demand function with price on the left side. This relationship is referred to as the inverse demand function. Therefore, the inverse demand function for good Z is p = 80-1/2Q. For a linear inverse demand p =a - bQ, the marginal revenue is given by MR = a - 2bQ. Therefore, the marginal revenue of good Z is given by MR1 = 80 - Q. This is denoted MR1 because another marginal revenue (MR2) will be introduced in part C of this problem. Use the point price elasticity for the following questions. A. Calculate the price elasticity of demand for each and every price between $5 and $75. Round the elasticity to four digits after the decimal point in the third column. Then, fill in the other columns using the appropriate equations and the equations given above. NB: Titles: Price (p), Quantity (Q), Elasticity (Ed), Absolute value of Elasticity (Ed), Type of elasticity (Elastic, Unit-Elastic, Inelastic), Total Revenue (TR =p x Q) and Marginal Revenue (MR1). You will need to create a spreadsheet using Microsoft Excel (or any other spreadsheet software) that matches the one below. 1. Q = 160 - 2p is the equation for the demand function of a good Z, where p is the price in dollars per unit of good Z and Q is the quantity demanded of good Z in million per year. Sometimes, it is convenient to rewrite a demand function with price on the left side. This relationship is referred to as the inverse demand function. Therefore, the inverse demand function for good Z is p = 80-1/2Q. For a linear inverse demand p =a - bQ, the marginal revenue is given by MR = a - 2bQ. Therefore, the marginal revenue of good Z is given by MR1 = 80 - Q. This is denoted MR1 because another marginal revenue (MR2) will be introduced in part C of this problem. Use the point price elasticity for the following questions. A. Calculate the price elasticity of demand for each and every price between $5 and $75. Round the elasticity to four digits after the decimal point in the third column. Then, fill in the other columns using the appropriate equations and the equations given above. NB: Titles: Price (p), Quantity (Q), Elasticity (Ed), Absolute value of Elasticity (Ed), Type of elasticity (Elastic, Unit-Elastic, Inelastic), Total Revenue (TR =p x Q) and Marginal Revenue (MR1). You will need to create a spreadsheet using Microsoft Excel (or any other spreadsheet software) that matches the one below.
Expert Answer:
Related Book For
Posted Date:
Students also viewed these economics questions
-
What investment implications can you derive from the information in Table? Express your answer from the perspectives of a young investor (mid-20s) and an older investor (mid-50s) nearing retirement.
-
In an applied research context you do not need to explain the relationships between the variables in your conceptual model. Discuss this statement.
-
From the information in Review Exercise 8.70 compute (assuming B = 65%) P(XB > 70).
-
In January 2014, Vanowski Corporation was organized and authorized to issue 2,000,000 shares of no-par common stock and 50,000 shares of 5 percent, $50 par value, noncumulative preferred stock. The...
-
In the context of marketing research, what is the relationship between each of the following sets of terms? a) Research objectives and hypotheses b) Observation and experimental research c)...
-
Find the probability that x > 56.
-
Review Kelly Long Travel Designs trial balance. Assume that Long accidentally listed dividends as \($100\) instead of the correct amount of $1,000. Requirement 1. Compute the incorrect trial balance...
-
Given that z is a standard normal random variable, compute the following probabilities. a. P(z 1.0) b. P(z 1) c. P(z 1.5) d. P(2.5 z) e. P( 3 < z 0)
-
Assess strategic planning techniques for organizational change associated with the mission, vision, ethics, and/or culture of a health care organization. Assess the impact of leadership, mission,...
-
Which histograms are skewed to the left? Refer to histograms A through H in Figure 2.12. 2.0 -50 0.0 1.0 3 150 5 15 25 D -1 -3 8 14 -7 -4 -1 G Figure 2.12 Eight histograms LO 09 007 01 08 01 250 09...
-
Megan Marvel is a film producer working for Starlight Films, an international film production company. Megan needs to do her income tax return for the 2023 income year and she has come to you for...
-
What is OPICs role in promoting international business activity?
-
a. What is the linkage among asset swap spreads, CDS spreads, and credit spreads? b. What is the credit default swap basis and how is it used as a measure of relative value?
-
Explain how TIPS are valued?
-
What forms can political risk take?
-
Explain why an at market interest rate swap can be described as buying and selling LIBOR.
-
Describe the process of measuring risks and identify multiple ways an innovating organization can implement risk management practices based on the identification of risk. Examine how technology...
-
In Exercises 105108, evaluate each expression without using a calculator. log(ln e)
-
Using the Keynesian-cross diagram, illustrate the main cause of the 2007-2009 recession discussed throughout the chapter.
-
Serena is a single-price, profit-maximizing monopolist in the sale of her own patented perfume, whose demand and marginal cost curves are as shown. a. Relative to the consumer surplus that would...
-
True or false: A high participation rate in an economy implies a low unemployment rate. Explain.
-
A hospital reported the following statistics for the past year: births, 1,702; deliveries, 1,708; C-sections, 360; and obstetrical discharges, 1,827. The C-section rate for that year IS a. 0.21% b....
-
The consultation rate (including newborns) is _ _ . a. 0.03% b. 0.30% c. 3.09% d. 30.99%
-
The hospital-acquired infection rate (including newborns) is __ . a. 0.03% b. 0.30% c. 3.00% d. 30.00%
Study smarter with the SolutionInn App