Anonymous
Jan 14
Question 1 The demand schedule for 32 Gb USB Flash Drives is: Price (Emalangeni per USB) Quantity Demanded (Millions of USBs per year) 200 50 250 45 300 40 350 35 400 30 What happen total revenue ?
Question 1
The demand schedule for 32 Gb USB Flash Drives is:
Price (Emalangeni per USB) Quantity Demanded (Millions of USBs per year)
200 50
250 45
300 40
350 35
400 30
What happens to total revenue if the price falls from $400 to $350 a USB?
What happens to total revenue if the price falls from $350 to $300 a chip?
At what price is total revenue at a maximum? Use the total revenue rest to answer this question.
At an average price of $350, is the demand for chips elastic or inelastic? Use the total revenue test to answer this question.
Hint: Conduct research from any economics material of your choice on the Total Revenue Test.
Question 2
Gizzard’s income has increased from E13000 to E17000. Gizzard increased his demand for concert tickets by 15% and decreased his transportation costs by 10%.
Calculate Gizzards' income elasticity of demand for
Concert Tickets
Transportation Costs
Question 3
The demand schedule for sugar is
Price (Emalangeni per Kg) Quantity Demanded (Millions of kg per year)
5 25
10 20
15 15
20 10
25 5
What happens to total revenue if the price of sugar rises from E5 to E15 per kg?
What happens to total revenue if the price rises from E5 to E25 per kg.
At what price is total revenue at a maximum? Use the total revenue test
At an average price of E20, a kg is the demand for sugar elastic or inelastic? Again, use total revenue test
Question 4
Do your own research and give a full detailed explanation with the aid of a graph to illustrate the Law of Diminishing returns in production. ?
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ChatGPT
Jan 14
To calculate total revenue, we multiply the price of the USB flash drives by the quantity demanded at each price level and then sum up the results.
Price (Emalangeni per USB) | Quantity Demanded (Millions of USBs per year) | Total Revenue (Emalangeni per year)
200 | 50 | 200 * 50 = 10,000
250 | 45 | 250 * 45 = 11,250
300 | 40 | 300 * 40 = 12,000
350 | 35 | 350 * 35 = 12,250
400 | 30 | 400 * 30 = 12,000
Total Revenue = 10,000 + 11,250 + 12,000 + 12,250 + 12,000 = 57,500 Emalangeni per year
Therefore, the total revenue from selling 32 Gb USB flash drives is 57,500 Emalangeni per year.
Price (Emalangeni per USB) | Quantity Demanded (Millions of USBs per year) | Total Revenue (Emalangeni per year)
200 | 50 | 200 * 50 = 10,000
250 | 45 | 250 * 45 = 11,250
300 | 40 | 300 * 40 = 12,000
350 | 35 | 350 * 35 = 12,250
400 | 30 | 400 * 30 = 12,000
Total Revenue = 10,000 + 11,250 + 12,000 + 12,250 + 12,000 = 57,500 Emalangeni per year
Therefore, the total revenue from selling 32 Gb USB flash drives is 57,500 Emalangeni per year.
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