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use a diagram discuss and explain why marginal cost above is minimum average variable cost is called supply curve
explain why Lempi prefers blue to yellow, yellow and red and red to blue is impossible
expain why crossing indiffernce curve is impossible
Based on market research, a film production company in Ectenia obtains the following
information about the demand and production costs of its new DVD:
π·πππππ: π = 1000 β 10π
ππππππππ π ππ£πππ’π: ππ = 1000π β 10π2
πππ‘ππ πΆππ π‘: ππΆ = 1000 β 20π
ππππππππ πΆππ π‘: ππΆ = 100 + 10
Where, Q indicates the number of copies sold and P is the price in Ectenian dollars.
assume that the patient is member of CBHI and this person is supposed to pay 20% of the user fee and will be refunded 80% of the user fee. Based on this information and the above demand equation, a) Develop demand schedule and curve. b) Compare the two graphs and explain the effect on the demand for health of the patient
Since the last few years, significant number of physicians have been graduated. If the government decides to reduce this number starting from this year, what would happen to the supply curve for physician services? Explain
Discuss the situation when the supply a particular health care service becomes price elastic, inelastic and neutral
An entrepreneur can produce a product according to the production function with two inputs q = f(z) = z1^2/3 + z2^2/3
(a) Is it a concave production function such that it satisfies the second-order conditions? Shows:
(b) What is the marginal cost function? Check that the function
of marginal cost is increasing in q and interprets.
(c) What is the cost function?
(d) What are the conditional factor demand functions?
(e) Formally state the cost minimization problem of the function
The demand function and the average cost .Determine the:
Profit function.
Profit. Hence show it is maximum
The demand function P=4500-15Q2 and the supply function P = 5Q2 + 2500. Determine the following:
Consumer surplus.
Producer surplus.
