Other Economics Answers

A perfectly inelastic demand curve is

•  A. horizontal.
•  B. a curved line along which the product of price and quantity is constant.
•  C. a downward sloping straight line with a slope equal to 1.
•  D. vertical.

Find the critical value of z, given

z=3x^2+2y^2, subject to 8=x+y

The demand for perfect competitive firm is equal to?

The admissions policy of Makopani University of Technology is to admit any student who is willing to pay the university's tuition fees. To increase its total revenue, the board of the university decides to reduce tuition fees. They

A. believe that the demand for education from the Makopani University of Technology is perfectly inelastic.

B. believe that the demand for education from the Makopani University of Technology is elastic.

C. are ignoring the law of demand.

D. believe that the demand for education from the Makopani University of Technology is inelastic.

You have been hired as a Training & Education Development consultant for Ebhayi Furniture Store. One of the challenges faced by this small firm is that there is no clear training strategy. Management believes this has led to the company not performing effectively and efficiently. 

Ebhayi employs the following staff members:

4 sales consultants

1 cashier

1 cleaner

1 manager

As a consultant, advise the owner of all the types of training and development that will be relevant for each of these staff members.

Louis has $50 to decide on consuming coffee (C,with price Pc) and Tea (T, with price Pt). He has utility function u(C,T)=12C-C^2+T.

a) holding Louis' income I=$50 Pt=$1 but Pc=P as a variable, what is Louis' demand function on coffee (use Cd/l as Louis' quantity demanded on Coffee)

b)George also a coffee lover. George has the inverse demand on Coffee as P=6-3Cd/g. assume there are only Louis and George in the market of coffee what its total market demand of Coffee (denoted by Cd/m)

c)plot Louis', George and Total market demand of coffee in same graph make sure u indicate the coordination of the kink point on the total market demand curve

d) when Pc=4 what its the total market's quantity demanded and the price elasticity of total markets demand at this point? does the coffee supplier have the incentive to increase price of coffee

suppose the inverse market supply is given as P=Cs/m plot it on the same graph as question c. what is equilibrium price and quantity? can you do analysis in question d?

A competitive firm sells its output at a fixed price of Rs 4 per unit. The cost function of the firm is given as: C-0.04q'-0.9 q² + 10q+5. Find the profit maximizing output level of the firm and determine their corresponding total profit, total revenue and total variable cost. Do you think the firm will continue production? Give reason.