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Microeconomics
Derive total cost curve from optimization process?
Microeconomics
Which one of the following statements is true with regards to price elasticity and total revenue.
Microeconomics
in a perfect competition, the cost function of each of 100 firms is given as . C = q^3\300 + 0.2q^2+4q+10 . the market demand function is given by Q= 8000-200P
Microeconomics
If cost function is C=wL + rK. Specify quantities of capital and labour that minimise costs?
Microeconomics
If the quantity demanded for Apple is given by :
Qd= 300-2,55PA+7,62PB+0,75Y
If PA=90cents,PB=50cents and QD=860
Calculate and interpret the income elasticity of demand for apples.
Qd= 300-2,55PA+7,62PB+0,75Y
If PA=90cents,PB=50cents and QD=860
Calculate and interpret the income elasticity of demand for apples.
Microeconomics
If TC= 3+Q^2 and demand Is P=3-1÷2Q. Calculate total profit
Microeconomics
Suppose widgets have a price elasticity of demand equal to -1,95 and a cross elasticity of demand equal to 2 with dundles. What are the pricing options for a firm that sells widgets? Explain.
Microeconomics
Mathematically prove that profit maximizing level of output is obtained where MR=MC
Microeconomics
You are given the following schedule for the production of pens by a firm
Labor Total Product
0 0
1 20
2 50
3 70
4 80
5 85
6 82
If pen sells for Rs 3 per unit and workers can be hired in a competitive labor market for Rs30
per day, how many workers should be hired? Explain your answers clearly.
Labor Total Product
0 0
1 20
2 50
3 70
4 80
5 85
6 82
If pen sells for Rs 3 per unit and workers can be hired in a competitive labor market for Rs30
per day, how many workers should be hired? Explain your answers clearly.
Microeconomics
You are given the following schedule for the production of pens by a firm
Labor Total Product
0 0
1 20
2 50
3 70
4 80
5 85
6 82
If pen sells for Rs 3 per unit and workers can be hired in a competitive labor market for Rs30
per day, how many workers should be hired? Explain your answers clearly.
Labor Total Product
0 0
1 20
2 50
3 70
4 80
5 85
6 82
If pen sells for Rs 3 per unit and workers can be hired in a competitive labor market for Rs30
per day, how many workers should be hired? Explain your answers clearly.
