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Question:

From the schedule provided below calculate the total revenue, demand curve and the price elasticity of demand:

Quantity

1

2

3

4

5

6

7

8

9

Marginal

Revenue

10

6

2

2

2

0

0

0

-

Answer:

 

Quantity

MR

TR

AR=TR/Q

Price elasticity of demand

1

10

10

10/1 = 10

-

2

6

10 + 6 = 16

16/2 = 8

½ * 10/1 = 5

3

2

16 + 2 = 18

18/3 = 6

½ * 8/2 = 2

4

2

18 + 2 = 20

20/4 = 5

1/1 * 6/3 = 2

5

2

20 + 2 = 22

22/5 = 4.4

1/0.5 * 5/4 = 2.5

6

0

22 + 0 = 22

22/6 = 3.6

1/0.9 * 4.5/5 = 1

7

0

22 + 0 = 22

22/7 = 3.1

1/0.5 * 3.6/6 = 1.2

8

0

22 + 0 =22

22/8 = 2.7

1/0.4 * 3.1/7 = 11

9

-5

22 + (-5) = 17

17/9 = 1.9

1/0.8 * 2.7/9 = 0.38

Demand Curve: To determine the demand curve, we must first determine the pricing for each unit of quantity. This can be accomplished by multiplying the total revenue values by the quantity. The following are the price ranges:

Quantity

Marginal revenue

Total revenue

Price

1

10

10

10

2

6

16

8

3

2

18

6

4

2

20

5

5

2

22

4.4

6

2

22

4.4

7

0

22

3.66

8

0

22

3.14

9

0

22

2.75

10

-5

17

1.88


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