Assignment Detail

Tutors

Price elasticity of demand changes

    Assignment Instructions

    Assignment ID: FG133134492

    Look at the demand for widgets 

    Point on Demand Curve

    A

    B

    C

    D

    E

    F

    G

    H

    I

    Price (P):

    $32

    $28

    $24

    $20

    $16

    $12

    $8

    $4

    $0

    Quantity Demanded (QD):

    0

    3

    6

    9

    12

    15

    18

    21

    24

    (a) Based on this demand schedule, set up a graph (using excel) showing this demand curve and another graph showing the corresponding total revenue curve (i.e., you need two separate graphs with quantity on the horizontal axis).

    (b) Copy and paste your Excel charts into a Word or pdf file with a short essay that explains how why the price elasticity of demand changes as you move along this demand curve. As part of your essay, make sure that you discuss how and why the effect of price changes on total revenue is tied to elasticity.

    Need fresh solution to this Assignment without plagiarism?? Get Quote Now

    Expert Answer

    Asked by: Anonymous
    Plagiarism Checked
    Answer Rating:
    4.6/5

    Plagiarism free Answer files are strictly restricted for download to the student who originally posted this question.

    Related Assignments

    //
    Our customer support team is here to answer your questions. You can send Assignments directly to support team.
    👋 Hi, how can I help?