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Circle the best choice when you see the xxx/xxx/xxx to complete each sentence.

Fill in this table. Repeatedly use the Excel elasticity calculator I have set up in another file. Note, when price falls from 10 to 9 put the elasticity on the 9 line. Then have the price fall from 9 to 8 and so on.

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Circle the best choice when you see the xxx/xxx/xxx to complete each sentence.

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  1. Fill in this table. Repeatedly use the Excel elasticity calculator I have set up in another file. Note, when price falls from 10 to 9 put the elasticity on the 9 line. Then have the price fall from 9 to 8 and so on. As you go down the table the quantity is rising. As you look down the table describe how the elasticity column, the TR column and the MR column are all related.

  2. Fill in this table. Repeatedly use the Excel elasticity calculator I have set up in another file. Note, when price rises from 1 to 2 put the elasticity on the 2 line. Then have the price rise from 2 to 3 and so on. As you go down the table the quantity is falling. As you look down the table describe how the elasticity column, the TR column and the MR column are all related.

  3. Circle the best choice when you see the xxx/xxx/xxx to complete each sentence. As price falls in the elastic range TR rises/falls/stays same, and marginal revenue is positive/negative/zero. As price falls in the inelastic range TR rises/falls/stays same, and marginal revenue is positive/negative/zero.

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