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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.
Government Production: Some production in the economy is undertaken directly by governments (or several kinds of government agencies) in order to meet public requirements (as disti
Problem: (a) Define money and briefly explain its core functions. (b) Explain the relationship between interest rate and price of bonds, illustrate using example. (c)
Price Discrimination: occurs when the same product is sold at different prices to different consumers. A monopolist divided his consumers into groups and sells his product at vary
what are the microeconomic encompasses
illustrate and discuss the implications of various market structures (competitive and non-competitive) for price determination
Labour Supply:Total number of workers available and willing to work in a paid position; generally measured by the labour force(even though the labour force usually excludes many wo
concept of the law of supply
graphing a isoquant
illustrate and explain the changing demand for big mac using the indifference curve and budget line
a) Consider the following flows (in thousand of people) between the various labour market states in a particular month: UE = 240 000; UNLF = 180 000; EU = 190 000; NLFU = 220 000
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