Prices are given according to the supply and demand quantities of a good. a) Graph the change in supply-demand quantities according to the price. b) Find the equilibrium price and the equilibrium amount. c) What is the demand price elasticity when the price increases from 6 TL to 8 TL? Evaluate the result. d) What would the income price elasticity be if the consumer income increased from 2500 TL to 3000 TL for the same range? What kind of goods is this good? e) What should the selling price be for the total revenue to be maximum? What will be the amount and maximum revenue at this selling price? Cost (TL/adet) Amount of demand (piece) Amount of supply (piece) 2 125 30 4 115 38 6 105 46 8 95 54 10 85 62 12 75 70 14 65 78 16 55 86 18 45 94 20 35 102
Prices are given according to the
a) Graph the change in supply-demand quantities according to the price.
b) Find the
c) What is the demand price elasticity when the price increases from 6 TL to 8 TL? Evaluate the result.
d) What would the income price elasticity be if the consumer income increased from 2500 TL to 3000 TL for the same range? What kind of goods is this good?
e) What should the selling price be for the total revenue to be maximum? What will be the amount and maximum revenue at this selling price?
|
Cost (TL/adet) |
Amount of demand (piece) |
Amount of supply (piece) |
|
2 |
125 |
30 |
|
4 |
115 |
38 |
|
6 |
105 |
46 |
|
8 |
95 |
54 |
|
10 |
85 |
62 |
|
12 |
75 |
70 |
|
14 |
65 |
78 |
|
16 |
55 |
86 |
|
18 |
45 |
94 |
|
20 |
35 |
102 |
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