1. Suppose the demand for a product is given by QD = 2000 - 25P.

a) Calculate the Price Elasticity of Demand when the price is $30.

b) What price should the firm charge if it wants to maximize its revenue?

c) Over what price range is demand elastic?

Posted Date: 2/5/2014 4:46:24 AM | Location : United States

Ask an Expert

Related Discussions:- Demand for a product, Assignment Help, Ask Question on Demand for a product, Get Answer, Expert's Help, Demand for a product Discussions

Write discussion on Demand for a product
Your posts are moderated

Write your message here..

Related Questions

Factors affecting the price elasticity of demand, Q. Discuss about the fact... Q. Discuss about the factors affecting the Price Elasticity of Demand. a. Availability of Substitute- Availability of close substitute is important determinants of elasticity of

Describe the working of commercial banks, Q. Describe the working of Commer... Q. Describe the working of Commercial banks? Fact that currency inside commercial banks isn't money may strike you as odd though it is an important principle. 100 dollar bill i

What is profitability analysis, This is an examination of costs and revenue... This is an examination of costs and revenue to explain whether a venture will make a profit. This is significant information in deciding on whether to make an investment. The lengt

5 key pieces of data, Review the Federal Reserve Board website. Identify at... Review the Federal Reserve Board website. Identify at least five key pieces of data (links) you would use in microeconomic decision making on the Web site, and tell what data that

Lower marginal abatement cost, There are three industrial firms in a quaint... There are three industrial firms in a quaint town of South Orange where the municipal government wants to reduce pollution to 120 units from uncontrolled level of 210 units. Three

Mec, Lucas’ point of view, what are the limitations of the Keynesian model?... Lucas’ point of view, what are the limitations of the Keynesian model? What improvements does he suggest?

What is total surplus in net gain, What is total surplus in net gain? T... What is total surplus in net gain? Total surplus in net gain: The total surplus generated into a market is the total net gain to consumers and producers through trading into

What is globalization, what are its effects on the Indian economy? Ans) ... what are its effects on the Indian economy? Ans) It is largely positive. Globalization has brought a lot of jobs and large sums of investment to India. India's economy has been

Crowding out would most likely occur, Crowding out would most likely occur ... Crowding out would most likely occur when: A. the Congress enacts budget cuts to balance the budget. B. workers lose jobs as a result of anti-inflationary fiscal policies. C. the f

Physiocrats spoke of the natural order, Consider the following: "The physio... Consider the following: "The physiocrats spoke of the natural order and favored laissez-faire yet strongly supported the absolute authority of the monarchy." Analyze this supposed