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A Professor of Economics from the Department of Economics Education of the Faculty of Social Sciences Education of the University of Education, Winneba, has estimated the demand and supply functions for students’ accommodation on campus to be respectively:
10P + 3Q = 60 and
P = Q – 0.5
Further, the professor claims that the average cost of Hostel operators is
Assuming that a single firm is enjoying abnormal profits, draw another diagram to show the effects of the development of artificial fibres that reduces the demand for wool on the firm’s equilibrium position.
the following are example of inelastic goods it is cigarette and gas so can you please help me by indicating and explaning the type of elasticity that the these commodities represent
Exercise 2: Calculate consumer surplus for the demand curve P=1-Q and the supply curve P=1+Q
Exercise: Suppose the demand curve is linear and is given by the equation P = a – bQ where P is price and Q is quantity. What is the consumer surplus if the equilibrium price is P* and equilibrium quantity is Q*?
Suppose for a commodity X, demand and supply curves are given by the equations
(1) Qd = 5/P
(2) Qs = -4+P
What is the equilibrium price?
What is the equilibrium quantity?
Emily has an income of Y. Emily must have some minimum quantities of both food (Q01) and non-food (Q02) for survival. Any remaining income – after buying the necessary amounts of the two - she spends proportionately on food (say, 1/3-rd) and non-food (say, 2/3-rd). What will be Emily’s demand equations for food and non-food?
A and B drive to a petrol pump. A says “I want 20 litres of petrol” and B says “I want Rs. 2,000/- worth of petrol”. What can you say about A and B’s demand curves of petrol?
