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
The Hypothesis of Rational Expectations : In the General Theory (Keynes, 1936) we noted that the state of expectations was taken as given. There was, in addition, explici

How might you determine whether flute-playing ability is a highly heritable trait? If you want to improve your flute playing and someone tells you that musical ability is heritable

identify any four other law of demand and give examples

Money: Broadly speaking, money is anything which can be used as a means of payment (for instance, to settle a debt). It includes bank deposits, actual currency, credit cards and li

#question. what is the underlying reason for the law of increasing opportunity cost?


International Monetary Fund: The International Monetary Fund (IMF), the World Bank and the International Trade Organisation were conceived at the Brettonwoods Conference in Ju

When is the price of a product demand determined? The price of a product is demand defined while the product is in fixed supply. This means that the price of the product is defin

Briefly discuss the components of macroeconomics system with suitable explanation

The reaction of nitrogen dioxide with fluorine 2 NO2 + F2 2 NO2F is first order in NO2 and first order in F2. Complete the rate law for this reaction in the box below. Use the f