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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.
assume you are selling a product and when your price is decreased by 29% your quantity demanded increases by 55%. What is your price elasticity of demand?
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