Calculate Elasticity of Price - Marginal Revenue - Economics Assignment Help

Assignment Task

1. From the give table calculate Elasticity of Price, Total Revenue and Marginal Revenue. Also, explain the relationship between AR and MR?

Price     Quantity    Total          Marginal Revenue
                             Revenue
 

6              0
5            100
4            200
3            300
2            400
1            500
0            600

2. Demand forecasting is not a speculative exercise into the unknown. It is essentially a reasonable judgement of future probabilities of the market events based on scientific background. Explain the statement by elaborating different qualitative and quantitative methods of demand forecasting.

3.a. Define elasticity of supply and find the price from the given statement:

If Es of a good is 2 and a firm supplies 200 units at price of Rs 8 per unit, then at what price will the firm supply 250 units.

3.b. Calculate the elasticity of supply if a 15 %increase in the price of soya bean oil increases its supply from 300 to 345 units.

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