Demand for chips elastic, Microeconomics

The demand schedule for computer chips is given in the table.

Price (dollars per chip)

Quantity demanded(millions of chips per year)

200

50

250

45

300

40

350

35

400

30

a. What happens to total revenue if the price falls from $400 to $350 a chip?

b. What happens to total revenue if the price falls from $350 to $300 a chip?

c. At what price is total revenue at a maximum?

d. At an average price of $350, is the demand for chips elastic, inelastic, or unit elastic? Use the total revenue test to answer this question.

 

 

Posted Date: 2/27/2013 12:14:19 AM | Location : United States







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

Write discussion on Demand for chips elastic
Your posts are moderated
Related Questions


how does the charging the monoply a specific tax per unit affect the monopoly optmum and 5the welfare of consumer

As a consumer increases the consumption of any one commodity, marginal utility of the variable commodity must eventually decline."Illustrate the statement. Illustrate law of dem

demand for two market are P1=15-Q1&P2=25-Q2.the monopoly TC is C=5+3(Q1+Q2).What are ,output,profit&MR if the monopolist can price disc? riminate

1.  What is the relationship between a firm's total revenue, profit and total cost? Give an example of hypothetical data and draw the curves. 2.  Define economies of scale and e

# 1 Question: Consider a competitive market for Berries. The market demand for the berries is Qd=50-P (Qd is the quantity demanded (cartons) and P is the price in $. The market sup

Why is the concept of scarcity relevant to both LDC s and MDC s? All societies throughout time have wrestled with the basic economic conundrum of having needs that cannot be me

On Valentine's Day, the price of roses increases by more than the price of greeting cards.  Why? (Hint: Consider what makes roses and cards different and how that difference might

reasons for and against free trade with foreign sector