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1. Given the following demand and cost functions, determine the output and sales level that maximize profit.Demand Function: Q = 25- P; Cost Function: TC = 20+5Q +Q2 20 Units 200 Units 5 Units None of the Above
2. Assume the price of product B, increases from $1 to $1.50. As a result, the quantity demanded of product "A increases from 500 to 600 a month. This indicates that the cross-price elasticity and relationship between the two products. .50, Substitutes .45, Substitutes .45, Complements .50, Complements Products are not related 3. Given the marginal revenue from a product is $15 and the price elasticity of demand is -1.2, what is the price of the product? Not enough Information $8 $88 $42 $68 4. Given the demand function: QD = -10-2.1 P +.62 Y. Where P is price and Y is Income For a 1% increase in price, quantity demanded falls by 2.1% For a 1% increase in price, quantity demanded increases by .62%. For a 1% decrease in price, quantity demanded increases by 2.72% None of the above
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