+1-415-315-9853

info@mywordsolution.com

## Economics

 Basic Economics Macroeconomics Microeconomics Business Economics Econometrics International Economics Managerial Economics Game Theory Public Economics

1. find out price elasticity of demand and supply for the following functions when (a) P=8 and (b) Q=6.

i. P= 40 – 0.5Q

ii. Q= -40 + 0.75P

iii. Q – P + 2 = 0

iv. 2P + 0.2Q = 40

v. P = 20 – 2Q

vi. 4P + 4Q = 64

2. (i) When the demand function is 2Q – 24 + 3P = 0, find the marginal revenue when Q=3.

(ii) Given the demand function 0.1Q – 10 +0.2P + 0.02P2 =0, Compute the price elasticity of demand when P = 10.

(iii) If supply is related to the price the function P = 0.25Q + 10, find the price elasticity of supply when P = 20.

(iv) Given the demand function aQ + bP – k = 0, where a, b and k are positive constants, show that  price elasticity of demand is minus one when MR = 0.

(v) when the demand is P = 20/(4 +Q), find out the price elasticity of demand when P = 4.

3. (i). A firm’s costs are 500 when output is 100. If the TC function is linear and fixed cost (FC) are 200, find the marginal cost when Q = 4, 5 and 6.

(ii). The following are estimates of TC and AC function for various firms. Compute the MC function in each case and say whether, or under what conditions, the MC function is economically meaningful.

(a). AC = 20/Q + 3 + 0.5Q

(b). AC – 2 = 100/Q + 0.2Q2 = Q3

(c). TC – 100 – 2Q  + 2Q2 = Q3

(d). A.AC = a + bQ – cQ2 + gQ3

Where a, b and c are constants.

Given the MC when Q = 4 for (a), (b) and (c).

4. The following are AC and TC functions for various firms

(i). AC = 140/Q + 20

(ii) AC – a/Q = k

(iii) TC – 10 =2Q + 0.1Q2

(iv) TC – k – βQ = cQ2

Where a, k, β and c are positive constants.

(a) Find the expression for the gradients of the AC functions

(b) For what values of Q will AC be decreasing?

(c) Which functions would give U-shaped AC curves?

5. The market demand function of a firm is given by

4P + Q – 16 = 0

And the AC function takes the form

AC = 4/Q + 2 – 0.3Q + 0.05Q2

Determine the Q which gives:

(a) Maximum revenue

(b) Minimum marginal costs,

(c) Maximum profit

Use second derivative test in each case.

Microeconomics, Economics

• Category:- Microeconomics
• Reference No.:- M91830

Have any Question?

## Related Questions in Microeconomics

### Meqa assignment 2its been three weeks since you started

MEQA Assignment 2 It's been three weeks since you started working for BioMed and there's still no trace of Selwyn. That means you're still BioMed's resident economic expert. Harry the CEO was pleased with your earlier wo ...

### Description of assignmentreport paper basisstudents work

Description of Assignment: Report Paper basis. Students work together to research and profile a particular in Microeconomic policy: the property tax in the United States. Grading Criteria (What constitutes a good assignm ...

### Assignmentlearning objectives covered1explain 3 ways the

Assignment Learning Objectives Covered: 1. Explain 3 ways the statement of goals, application of rewards, and institution of discipline affect and motivate ethical behavior in individuals 2. Demonstrate how roles and aut ...

### Task list principles of microeconomicsyou are starting

Task List: : Principles of Microeconomics You are starting your own Internet business. You decide to form a company that will sell cookbooks online. Justcookbooks.com is scheduled to launch 6 months from today. You estim ...

### Assignmentanalyze the significant rules concerning the

Assignment Analyze the significant rules concerning the manner in which corporations treat the dividends that they are paying. Based on your analysis, recommend at least two changes that you would make to the rules that ...

### Assignmentfirms use inputs workers machinery natural

Assignment Firms use inputs (workers, machinery, natural resources) to produce outputs (goods and services). For example: General Motors uses steel, rubber and other materials to create automobiles. A pizza restaurant tu ...

### Assignmentpart idirections read the prompts below and

Assignment PART I Directions: Read the prompts below and formulate a response of at least one half of one page in length for each question. Please show Your references on a reference page 1. Explain records checks. List ...

### Leasing equipmentfor catherine owens onlybullsuggest one

Leasing Equipment For Catherine Owens Only • Suggest one key economic factor that motivates leasing as an option in acquiring an asset. Explain the potential asymmetries that may exist where leasing may be beneficial to ...

Assignment You have been asked to assist your organization's marketing department to better understand how consumers make economic decisions. Write a 1,050-word analysis that includes the following: • The impact the theo ...

### Assignmentthere is the widespread notion that economists

Assignment There is the widespread notion that economists rarely agree with each other. This seems perplexing when we note also that economics is often called the "Queen of the Social Sciences" (meaning that it is the mo ...

• 13,132 Experts

## Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

### Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

### Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

### Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

### Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

### Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen