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Given the demand function Qx = 8000-1000Px, determine the elasticity of demand at a single
point where price of Rs. 6 and the corresponding quantity of 2000 units. (Diagram is required)
elabrote the term Elasticity of Supply
Elaborate the term Elasticity of Supply and explain any three factors that determines elasticity of supply
Assume that a consumer consumes two commodities X and Y and makes five combinations for the two commodities:
Combination Units of X Units of Y
A 25 3
B 20 5
C 16 10
D 13 18
E 11 28
Calculate Marginal rate of Substitution and explain the answer
Plot prices on y axis and quantity on x axis an determine what is the slope (positive or negative)
price. 1. 2. 3. 4. 5
quantity. 12. 28. 42 52. 60
If milk is a normal good then a decrease in consumers income will definitely cause
If the equation for the demand curve is Q=45-2p and the equation for the supply curve is Q=-21+4p then the equilibrium values for price and quantity are?
Which of the following entities stores information that is an organization's intellectual property?
A. Neither Bill of Materials nor Job Operations List
B. Job Operations List
C. Bill of Materials
D. Both Bill of Materials and Job Operations List
Which of the following statements are true?
A. If a company sells digital assets, its revenue cycle still contains an inventory entity.
B. Intangible services (e.g., internet access fees) would be represented as a source entity. C. Information about assets that are rented would be stored in a resource entity.
D. All of these are correct.
If an insurance company needed to collect and maintain detailed information about each of a customer’s dependents, it could do so by
A. establishing a 1:1 relationship between the Dependents and the Customer entity.
B. establishing a 1:0 relationship between the Dependents and the Customer entity.
C. establishing a 1:N relationship between the Dependents and the Customer entity.
D. establishing a M:N relationship between the Dependents and the Customer entity.
Consider the market for Relaxo floaters where the demand curve is given by Q ^ d = 200 - 2P and Q^ prime =250+30P^ prime -10 P^ m . where Q ^ d is the quantity demanded, Q ^ 1 is quantity supplied. P ist the price of Relaxo floaters.
i. What is the maximum price at which the consumers are willing to purchase the floaters?
Calculate the price elasticity of demand and supply at equilibrium.
11. If now a unit tax is imposed on floaters, which side (demand or supply) will bear a higher
burden of the tax? Why?
Show that the demand side is more elastic than supply as long the price is above 50.
