Data Interpretation 1 — Tables and Calculations

A table shows: at P=$10, Qd=50; at P=$8, Qd=70. Using the midpoint formula, price elasticity of demand is approximately:

A firm reports: Q=100, TFC=$400, TVC=$1,600. Its average variable cost is:

Using the same firm, if price is $18, the firm's short-run profit is:

A demand schedule shows quantity rising from 100 to 140 when income rises from $50,000 to$60,000. Income elasticity is approximately:

A worker's output: 1 worker makes 10 units, 2 make 25, 3 make 36, 4 make 44. The marginal product of the 3rd worker is:

At what employment does diminishing marginal returns set in for the data above?

A monopolist's table: Q=5, P=$30, TC=$100; Q=6, P=$28, TC=$112. The marginal revenue of the 6th unit is:

For the same monopolist, the marginal cost of the 6th unit is:

Since MR ($18) > MC ($12) at the 6th unit, the monopolist should:

A price index table shows CPI rising from 240 to 252 while a worker's nominal wage rises from $24 to$25. The real wage: