Need help with the following attachment please.© BrainMass Inc. brainmass.com October 24, 2018, 5:47 pm ad1c9bdddf
Units FC VC TC AFC AVC AC MC
0 100 0 100 - - - ...
Graph help is explained.
Price Elasticity of Demand and Revenue
Table. Price Elasticity of Demand and Revenue
Fine 0 10 20 30 40 50
Number of Tickets 0 8 7 6 4 2
a.Plot the demand curve i.e., Qd = F (p)
b.Use the data in Table IV to find the total revenue for each fine.
SHOW the formula for total revenue.
c.Draw a graph of the relationship between Fines and Revenues [R = f(F)].
d.What does the graph show about the inelastic and elastic portions of the demand curve for tickets.
e.How is the graph in part (c) above as an example of a Laffer Curve.