Determine the price elasticity of demand, Microeconomics

Assignment Help:

Given the following demand and total cost functions for a firm

P = 4500 - 0.5Q2                   

TC = 1.5Q3 - 50Q2 + 1000  

i) the marginal profit function                                       

ii) the profit maximizing output level                             

iii) the price elasticity of demand, given that Q = 50 units


Related Discussions:- Determine the price elasticity of demand

Inelastic, "price makers" never want to produce in the inelastic part of th...

"price makers" never want to produce in the inelastic part of their demand curve why

Theory, critical of comparative advantage theory

critical of comparative advantage theory

Bandwagon effect, In the diagrams related to bandwagon effect, why do we sa...

In the diagrams related to bandwagon effect, why do we say when the price is 30$ the demand is 40?

Global Competition, The distinction between supply and the quantity supplie...

The distinction between supply and the quantity supplied is best made by saying that

Calculate currency exchange rate, Question-1 : This question is designed ...

Question-1 : This question is designed to show your understanding of stock market terminology and also the impact of currency exchange rate. You are a Swiss Franc (CHF) based inv

There is in substitute for a insulin, Commodities that are viewed as luxuri...

Commodities that are viewed as luxuries typically have price elastic demand, and commodities that are requirements have price inelastic demand.  There is easily no substitute for a

Opportunity cost, explain the relationship between scarcity,choice and opp...

explain the relationship between scarcity,choice and opportunity cost

Reasons for development planning, Reasons for development planning: To...

Reasons for development planning: To maximize the utilization of economic resources: The resources of any nation are not always enough for her use. In this wise, resources mus

Perfect market, For the pizza seller whose marginal, average variable, and ...

For the pizza seller whose marginal, average variable, and average total cost curves are shown in the graph below, what is the profit-maximizing level of output and how much profit

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd