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Why was agricultural sector declared as critical Industry and exempt from the hardest lockdown regulations
I. What is the slope of an iso-cost line equal to and why? Provide mathematical explanation
I. Illustrate the link between the cost-minimization problem and total cost curve. What would happen to the total cost curve if the firm increases level of output?
Economics is the study of how?
briefly describe how governments are involved in creating monopolies (10 marks)
P = 100 – Q. where P is the price per calculator in dollars and Q is the number of calculators purchased per month. If the price is UD$ 30, how much revenue will calculator makers get each month? Find the price elasticity of demand for calculators at this point.
Consider the one consumer, one producer economy, with two goods, x (output) and L (leisure). The production function is of the form ??= √? where z is the labour input. The total utility function of the consumer is given by U(x, L) = log x + log L and the total endowment of labour is L* = z + L. Note that total endowment of labour time can be used either for more work z (as labour input in production process) or for more leisure L. Then compute equilibrium prices, profits and consumption quantities.
On contrary, why should retailers such as fruit and veg not keep too much inventory?
The monthly market demand curve for calculators among engineering students is given by
P = 100 – Q. where P is the price per calculator in dollars and Q is the number of calculators purchased per month. If the price is UD$ 30, how much revenue will calculator makers get each month? Find the price elasticity of demand for calculators at this point. What should calculator makers do to increase revenue?
Complete the table for TC, AC, AFC, AVC
