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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.
The Cost Minimizing Input Choice - Assumptions Two Inputs: Labor (L) & capital (K) Price of labor: wage rate (w) The capital price - R = depreciation ra
if coast of good A fall by Rs.1 & coast of good B increases by 1 Rs. what will be the effect on budget line
Business Executives and Choice of Risk * Example - Study of 464 executives found that: 20% persons were risk neutral 40% persons were risk takers 20% perso
Learning curve implies: 1) The requirement of labor falls per unit. 2) Costs will be high at 1 st and then will fall with learning. 3) After eight years the labor requ
Using the Wage Rate and Output per Hour as indicated on the table below, calculate the output per dollar wage and unit labor cost. Then decide on the optimal wage rate for this c
Axioms: It is possible to construct a utility index which can be used to predict choice in uncertain situations if the consumer conforms to the following five axioms: • A
Accounting profit equals revenue minus all explicit costs, and economic. One profit is defined it should not be difficult to measure the profit of a firm for a given period. But tw
explain how scarcity impacts choice 2.expain the three steps process in economic analysis
Deficiency of Vitamin A Deficiency of Vitamin A has been found to impose adverse effects on roughly one third of the children below the age of five around the world. It has also be
What are the most important challenges that economists try to address? (ii) What is the role of government in a market based economy? (iii) Who are the main economic players and w
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