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you are thinking of setting up a cendol stall. The stall itself will cost RM200. The ingredients for each bowl of cendol will cost RM0.50. Construct a table showing your total cost, average total cost, and marginal cost for output levels varying from 0 to 10 litre of cendol. Draw the three cost curves.
(Hint: There are 16 bowls in a litre of cendol.
If the government places a P250,000 tax on luxury cars, will the price paid by consumers rise by more than P250,000, less than P250,000, or exactly P250,000?
There are four consumers willing to pay the following amounts for haircuts: Jerry: $7; Oprah: $2; Ellen: $8; and Phil: $5 There are four haircutting businesses with the following costs: Firm A: $3; Firm B: $6; Firm C: $4; and Firm D: $2 Each firm has the capacity to produce only one haircut. For efficiency, how many haircuts should be given? Which businesses should cut hair and which consumers should have their hair cut? How large is the maximum possible total surplus?
Demand and supply functions of a commodity are given respectively as quantity demanded 40 at 400, quantity supply 120 naira per 24 unit. Determine the equilibrium of quantity bought
Suppose you are a monopolist and find that the demand elasticity of your product is different in two markets. What would be your pricing strategy?
Show diagrammatically the impact on the firms profit if in the short run demand or the product reduces.
given market demand Q=100-P if the market supply function for the smaller firms is given by S=0.5P. And the cost function of the dominant firms is TC=10+40QD, where QD= output of the dominant firm. a) Find the market price and output of the dominant firm at equilibrium. b) Find the output level to be supplied by the smaller firms.
1) If the total production function given as: TP = 16L2 - 0.4L3 then;
A) Find the maximum value of APL and MPL.
Calculate the maximum production
Q. 1. The demand function is q(p) = (p+1)-2
a. What is the price elasticity of demand?
b. At what price is the price elasticity of demand equal to (-1)?
c. Write an expression for total revenue as a function of the price
Why does the quantity of salt demanded tend to be unresponsive to change in it's price?
