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The demand curve is given by QD = 500 - 2PX
a. What is the total revenue function?
b. The marginal revenue function is MR = 250 - Q.
Graph the total revenue function, the demand curve, and the marginal revenue function.
c. At what price is revenue maximized, and what is revenue at that point?
d. Identify the elastic and inelastic regions of the demand curve.
(b) Provide an example of the interaction between each of these groups. (c) Sometimes a fourth group is included. What would that group be. Provide an example of the interaction between this and the groups listed in your answer to (a).
For the total cost function given below finc AC,AVC,AFC and MC and the level of quantitiy where AC attains minimum.
Suppose the U.S. is in the midst of a recession and a new president has just inherited an already large public debt.
The following table provides data about the economy in Argentina. Column A is the year, Column B is real GDP in billions of 2000 pesos, and column C is the price level.
Two company face a demand equation given by: P=200,000-6(q1+q2) where q1 and q2 are the outputs of the two firms. The total cost equations for the two company's are given by:
What happens to aggregate demand when transfer payments and the taxes to pay them both increase by the same amount?
Matt and Johnny both purchase pop and chips at the same convenience store. They have different tastes for pop and chips, so Matt buys 3 cans of pop and 10 bags of chips whereas Johnny buys 15 cans of pop and 2 bags of chips.
And what are some examples of new technologies that have created jobs How do you think you might measure the net impact of technological change on overall employment and GDP in the United States
Construct a production possibilities curve for a hypothetical country. Put public capital goods per year on the bertical axis and consumer goods per year on the horizontal axis.
Explain all your answers below clearly, including brief definitions of each term.
Important information regarding Price Elasticity of Demand and Total Revenue
Illustrate what would you expect will to the price and quantity sold of Toyota sedans, if the price of Kia sedans fall.
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