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eyerusalem
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eyerusalem
Questions (1)
1. What is the income elasticity of car as per capital income increases from, $10,000 to $11,000? The demand for car as a
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Answers (4)
4. A monopolist's demand function is given by P = 80 – 4Q. The firm's total cost is given by TC = 10Q + Q2 A. What is the profit-maximizing price and quantity?
5. Given the following demand function Q = 20 – 0.10p where p = price and Q = rate of output, A, Complete the following table. Quantity Price Total Revenue Average Revenue Marginal Revenue 1 190 190 190 -10 2 180 360 180 -10 3 170 510 170 -10 4 160 640
3. Suppose Y company estimates the following total cost function from cost output data: TC = $135,000 + $250Q + $1.5Q2. Find the optimum level of output that makes the company efficient and per unit cost (AC) at the rate of output.
2. The demand for a Laptop in Adama is estimated to be QD= 250,000 –35P if this relationship remains approximately valid in the future. What is the point price elasticity of demand at price of $2000? Interpret your result.
