Please provide complete work and be neat Elasticity of Demand Part a 1. There are several ways

Please provide complete work and be neat  

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Elasticity of Demand Part a 1. There are several ways of finding out the price elasticity of demand (e), depending on the type of data. (a) Percentage change: i. What is the formula? ii. Suppose P increased from 2 to 5 and Qp went down from 400 to 160. Using this method, find out e. iii. Suppose P decreased from 5 to 2 and Qp increased from 160 to 400. Using this method, find out |e|. (b) Mid-point: i. What is the formula? ii. Suppose P increased from 2 to 5 and QD went down from 400 to 160. Using this method, find out [e]. (c) Slope of demand: i. What is the relationship between and the slope of a demand curve? ii. Find out using this method for the following demand curves at P = 20. A. P B. Q 60-0.25Q 300-2P-0.25P2 C. Q=50+1500 (d) Slope of the demand after (natural) logarithmic transformation: i. What is the relationship between and the slope of a demand curve after (natural) logarithmic transformation d(In A ii. Find out using this method for the following demand curve at P=20: In Q = 4-3 ln P (e) Marginal revenue: i. What is the relationship between || and marginal revenue? ii. When TR is maximized, how much is MR and hence how much is ||? iii. If P=20 and MR = 5, then how much is |e|? Elasticity of Demand Part a 1. There are several ways of finding out the price elasticity of demand (e), depending on the type of data. (a) Percentage change: i. What is the formula? ii. Suppose P increased from 2 to 5 and Qp went down from 400 to 160. Using this method, find out e. iii. Suppose P decreased from 5 to 2 and Qp increased from 160 to 400. Using this method, find out |e|. (b) Mid-point: i. What is the formula? ii. Suppose P increased from 2 to 5 and QD went down from 400 to 160. Using this method, find out [e]. (c) Slope of demand: i. What is the relationship between and the slope of a demand curve? ii. Find out using this method for the following demand curves at P = 20. A. P B. Q 60-0.25Q 300-2P-0.25P2 C. Q=50+1500 (d) Slope of the demand after (natural) logarithmic transformation: i. What is the relationship between and the slope of a demand curve after (natural) logarithmic transformation d(In A ii. Find out using this method for the following demand curve at P=20: In Q = 4-3 ln P (e) Marginal revenue: i. What is the relationship between || and marginal revenue? ii. When TR is maximized, how much is MR and hence how much is ||? iii. If P=20 and MR = 5, then how much is |e|?