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Q2) Davidβs utility function for good X and Y is given by (π₯, π¦) = π₯2π¦3. WhereΒ , ππ¦ and IΒ
are the price of good X, price of good Y and consumer income respectively.Β
a. Write the budget Constraint of the consumer.
b. Drive the demand functions for good X and Y
c. What combination of X and Y maximizes the consumerβs at I=100, ππ₯ = 4, πππ ππ¦ = 5
Daska and Sialkot are the major supplier of surgical instruments. The labor of Sialkot decided to go on protest and stop working. What will happen to the market of surgical instruments of Sialkot.
Equilibrium in any market can be described as that point where demand is equal to supply.Β Β
There is an upsurge in the temperature and due to this heat shock, what will happen to the market for lemon soda in the Mianwali.
1) A is a small country that produces and consumes Coffee beans. The world price of Coffee beans is $1 per bag, and A's domestic demand and supply for Coffee beans are governed by the following equations: Demand: QD = 8 -P ; Supply: QS = P, where P is in dollars per bag and Q is in bags of Coffee beans.
Discuss the difference between total surplus,social benefits and marshalian surplus. Discuss with examples.
A firm has the following demand function π· = ππ β π. ππΈ and its total cost are
defined by π»πͺ = ππ + πΈ.
a. Find the maximum revenue.
b. Find the production to optimise the profit.
c. Verify if that the marginal revenue and marginal cost are the same at
the profit maximising production level.
A Firm has the following production function πΈ = πππ³ β π. ππ³ π.
a.Using differential calculus find the unit of labor that maximizes the production.
b. Estimate function of Marginal product of labor.
c. Obtain the Average product of labor.
d. Find the point at which the marginal product of labor is equal to the average cost.Β
The intent of this exercise is to get students to think aboutvarying degrees of elasticity and the factors that determine demand elasticity.
what are the formulas for rate of change and level of change?
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