Contemporary world
PRICE
5
4
3
2
1
Qd
2,000
4,000
7,000
11,000
16,000
TR
a)
b)
c)
d)
e)
ELASTICITY
Answer (1)
1: Compute TRAt P=5, Q=2000 → TR = 5 × 2000 = 10,000At P=4, Q=4000 → TR = 4 × 4000 = 16,000At P=3, Q=7000 → TR = 3 × 7000 = 21,000At P=2, Q=11,000 → TR = 2 × 11,000 = 22,000At P=1, Q=16,000 → TR = 1 × 16,000 = 16,000 So:a) 10,000b) 16,000c) 21,000d) 22,000e) 16,000
