how to do this question??
the demand schedule for computer chips is as follows:
_________price: 200 250 300 350 400
quantity demand: 50 _45 _ 40 _35 _30
Q:at an average price of $250, is the demand for chip elastic or inelastic? use the total revenue test to answer this question.
calculating price elasticity of demand~~~~緊急!!!!
2007-05-12 8:59 pm
回答 (1)
2007-05-14 3:42 am
✔ 最佳答案
If the price is 200 , the total revenue is 200*50 = 10000It the price rises to 250 , the total revenue turns to be 250*45 = 11250
since the total revenue increases while the price rises ,
the demand should be inelastic .
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