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(i) When the demand function is 2Q - 24 + 3P = 0, find the marginal revenue when Q=3.(ii) Given the demand function 0.1Q - 10 +0.2P + 0.02P2 =0, calculate the price elasticity of demand when P = 10.(iii) If supply is related to the price the function P = 0.25Q + 10, find the price elasticity of supply when P = 20.(iv) Given the demand function aQ + bP - k = 0, where a, b and k are positive constants, show that price elasticity of demand is minus one when MR = 0.(v) when the demand is P = 20/(4 +Q), calculate the price elasticity of demand when P = 4.
relationship between tfc , tvc , tc
Point Elasticity: Point elasticity is brought in use when the change in price is quite small, which means. The two points between which elasticity is being measured or calculat
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Suppose that two wage regressions are estimated for native and white workers: Wn = 5.0 + 0.10S Ww = 6.0 + 0.14S Pick a reasonable average level of schooling for white and Native wo
large firms charge the price which is higher than the small firms, contruct the diagram
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The definition of a price maker is states as “firm with some power to set the price bcoz the demand curve for its output slopes downward”, that in effect, mean those firms with a d
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