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Problem:
(a) Given TR = P×Q,
Show that
Note: TR is total revenue, P refers to price, Q refers to quantity demanded, MR denotes marginal revenue, and εd shows the price elasticity of demand.
(ii) Referring to part (i), diagrammatically illustrate the relationship between price elasticity, marginal revenue, and total revenue.
(b) Using indifference curve analysis, explain the backward bending labour supply curve.
(c) "Monopoly is desirable in industries marked with significant economies of scale". Critically discuss.
Solve equation P=200-Qs and Qs=4.5p +5
use a graphical illustration to describe briefly what the influence of each of the following be on the market supply of labour,(a) an increase in immigrants, (b) a reduction in wag
have to do a group project on consumer equlibrium. plz help on wat sub topics to select (i am in college 1st year)
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