Search & Filtering
The demand function for rose is 𝑄 = a-5p, and the supply function is 𝑄 = e + 2p + 0.1t, where a and e are positive constants and t is the average temperature in a month. show how the equilibrium quantity and price vary with temperature.
If the supply of corn is 𝑄n = b + 0.2p and the supply by the rest of the word is 𝑄r = e + 0.8p, what is the world supply.? What is the world inverse supply?
estimated demand function for processed pork is 𝑄 = 171 − 20𝑝 + 20𝑝𝑏 + 3𝑝𝑐 + 2Y. using the estimated demand function for processed pork, show how the quantity demanded at a given price changes as price of beef (Pb) decreases by N$0.95 a year.
Use two diagrams (draw the diagrams) that can be used to compare a
monopsony and a monopoly. Discuss and explain the diagrams that you
use. (10)
Problem 2. Amy has $20 a week to spend on coffee and coke. The price of coffee is $4 a cup, and the price of cake is $2 a slice.
1. Calculate Amy’s real income in terms of cake, calculate the relative price of cake in terms of coffee.
2. Calculate the equation for Amy’s budget line (with cups of coffee on the left side).
3. If the price of cake doubles while the price of coffee remains at $4 a cup and Amy’s income remains at $20, describe the change in her budget line.
1. Explain why, if Cindy equalized the marginal utility per hour of golf and tennis, she would not maximize her utility.
2. Cindy’s tennis club raises its price of an hour of tennis to $10. The price of golf remains at $10 an hour and Cindy continues to spend $70 on tennis and golf. List the combination of hours spent playing golf and tennis that Cindy can now afford.
3. Cindy loses her math tutoring job and the amount she has to spend on golf and tennis falls to $35 a month. How does Cindy’s demand for golf change? For Cindy, is golf a normal good or an inferior good? Is tennis a normal good or an infinite good?
The following day shows the relationship between the price and quantity demanded at four different prices for a product:Using the midpoints formula what is the price elasticity of demand between a) $11 and $9 ; (b)$9 and $7 ; (c) $7 and $5
What according to Keynes are the components of aggregate demand? Describe how equilibrium output is determined in the simple Keynesian model
Suppose that the firm operates in a perfectly competitive market. the market price of its product is $2.the firm estimates its cost of production with the following cost production with the following cost function: C=100-6Q+2Q2
Based on this information, answer the following question.
A.what is the total fixed cost for 4 unit of output?
B.what is MC when the firm produces 4 unit of output?
C. What is the value of AFC at 4 units of output?
D.what is total variable cost for 4 unit of output?
E.What level of output should the firm produce to maximize its output?
Assume that the total cost of a competitive firm is given by,TC=6Q2-16Q+12, and the total revenue of the firm is given by, TR=2Q2
Then find
A.The firms profit maximization level of output.
B.Profit
C.does the firm generate profit or incur loss at 5 unit of output?
