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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.
Hi, Can you help with writing ten pages, each page deferent topics about Karl Marx economic views. It will be in english as a second language. Nothing fancy. Just simple straight
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Figure 3.7 in the above textbook. Using the figure in guide, determine the approximate size of the market surplus or shortage that would exist at a glance of a) $40 b) $20
example of cournot model
Ask question #Minintroduction to recent development in demand theory
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