### Elasticity of demand and total revenue

Assignment Help Microeconomics
##### Reference no: EM13118818

Explain the relationship between elasticity of demand and total revenue for the following ranges along the demand curve, using the attached "Graphs for Elasticity of Demand, Total Revenue." Include the impacts to quantity demanded and total revenue when there is a price decrease, ceteris paribus.

1.  Elastic range

2.  Inelastic range

3.  Unit-elastic range

### Previous Q& A

#### Determining total monthly cost

The equation C=mx+b can be used to model the monthly cost, C, of a cell phone plan where b is the flat monthly cost, m represents the cost in dollars per minute and x is the number of minutes used in the month.

#### Why the oxidase test identifies the presence of cytochrome

Provide a possible explanation as to why the oxidase test identifies the presence of cytochrome c oxidase and not other oxidases.

#### Is there evidence to reject claim at the alpha value

the sample mean was found to be 21.3 minutes, with a sample standard deviation of 5.5 minutes. Is there evidence to reject the claim at the alpha = 0.05 level?

#### Illustrate what is sams top speed

The skis have a thrust of 189 N and a coefficient of kinetic friction on snow of 0.1. Unfortunatately, the skis run out of fuel after only 9 s. Illustrate what is Sam's top speed?

#### Determine the best levels for each factor

Taguchi experiment is to be performed on the effects of lift, bore, stroke, and compression on engine performance with horsepower as the outcome variable. Determine the best levels for each factor and state your conclusions.

#### Find onfidence interval for mean amount spent by patients

Find a 95% confidence interval for the mean amount spent by patients at the pharmacy. Show your calculations and/or explain the process used to obtain the interval.

#### What would you expect the result to look like

Virtually all sulfur-reducing members of Enterbacteriaceae are motile. Suppose for a moment that you inoculate a SIM medium with an inole-producing sulfur reducer that is non motile. After completing all aspects of the test, what would you expect ..

#### Find out the gravitational potential energy of child-earth

Find out the gravitational potential energy of the child-Earth system relative to the child's lowest position at the following times.

#### Can the individual concentrations of a and b be calculated

You have a solution that is a mixture of two compounds, A and B. The molar extiniction coefficient of substance A at 260 nm and 280 nm is 5248 and 3150 respectively.

#### Find cumulative distribution function of flange thickness

The thickness of a flange on an aircraft component is uniformly distributed between 0.95 and 1.05 millimeters. Determine the cumulative distribution function of flange thickness.

### Similar Q& A

#### Production possibilities frontier for an economy

Create and explain a production possibilities frontier for an economy that produces milk and cookies. Determine what happens to this frontier if disease kills half of the economy's cow population?

#### Holistic view of student in terms of standardized assessment

Discuss why is it important to think that the holistic view of a student in terms of standardized assessment and how would the results of your interpretation effect educational decisions for the student?

#### Property tax effect on foreign investment

Assume you were appointed economic adviser to a less developed country in Africa. The country seeks to encourage capital formation and wants to raise the rate of saving of its own residents and encourage foreigners to invest in their country.

#### Determine discount rate in the banking system

Third National Bank is fully loaned up with reserves of \$20,000 and demand deposits is similar to \$100,000. The reserve ratio is 20 percent.

#### Example for increasing returns to scale

Give one business example for increasing returns to scale and decreasing returns to scale respectively. How does this characteristic affect its business strategies? Justify your arguments.

#### Expenditure versus income approach to gdp

Differentiate the expenditure versus income approach to GDP and discuss why are the results the same? What are some of the drawbacks of using GDP while doing international comparisons among countries?

#### The role of multinational corporations in business

About the role of Multinational Corporations in Business, Government and Society. the role of ethics in the global arena, the influence of governmental regulation, the roles of consumer, employee and environmental protection and how good corporat..

#### Determine price elasticity and income elasticity of demand

Determine the price elasticity, and income elasticity of demand and where Q denotes passengers in thousands per year, P the (average) ticket price, and I US national income.

#### Draw game tree and find backward induction equilibrium

Draw the game as a table. What are the Nash equilibria of this game? How does this game differ from a prisoner's dilemma, and how can participants achieve the optimal (both hunt Stag) outcome?

#### Profits in the long-run

Suppose that firms in the short-run are earning above-normal profits. Describe what will take place to these profits in long-run for the following markets:

#### Techniques of discounted cash flow

You're advising a friend who has a decision to make regarding Social Security. He is about turn 62 years old, and is eligible for early Social Security benefits. His early benefits would amount to \$677 each month.

#### Describe the welfare costs of a monopoly

Describe the welfare costs of a monopoly and discuss the regulator organizations that monitor anti-trust in America. Name these organizations and their functions.