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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.
identify three factors to criticize the theory of consumer behavior or utility theory
what is the example of this law
Dance fans switches away from Dance music to R&B music AND the price of MP3 players increases
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Question (a) Describe clearly the three concepts of elasticity of demand. Use appropriate examples and diagrams to support your answer. (b) Consider you have been appointed
According to the Linder theory ,trade will occur in goods that have overlapping demand. With aid of a graph ,illustrate this theory and its implications
National income: The national income or product or expenditure provides a measure of total value at factor cost of final goods and services, which are available either fo
concept of innovation theory of profit and criticism
Defining black economy, If you pay your cleaner or builder in cash or for some reason neglect to tell the taxman which you were paid for a service rendered, you participate in the
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