Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Microeconomics Expert

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

Assignment1laura just opened a coffee shop in nyc named

Assignment 1. Laura just opened a coffee shop in NYC named Squirrel Coffee. Hoping to cater to the hipsters, she sells a special kind of cold brew infused with nitrogen, which she dubs ‘nitro coffee'. Assume for the purp ...

Assignmentwhat are the most important knowledge assets at

Assignment What are the most important knowledge assets at Dirt Bikes? What functions and employee positions are responsible for creating, distributing, and using these knowledge assets? Are all of these assets explicit ...

Assignmentone responsibility of an information assurance

Assignment One responsibility of an information assurance professional is to work with the organization's security team to explain risk assessment and report findings to executives. The report is likely to involve sensit ...

Short paperthus far in the course the primary focus has

Short Paper Thus far in the course, the primary focus has been on hospitals within the healthcare industry. For this short paper you will consider the economic issues related to long-term care facilities. In this assignm ...

Fiscal policy modulewhich has a larger effect on aggregate

Fiscal Policy Module Which has a larger effect on aggregate demand: an increase in government expenditure or an equal-sized decrease in taxes? Explain your answer. To eliminate a recessionary gap, which fiscal policy sho ...

Economic term paperempirical project the research project

Economic Term Paper Empirical Project The research project should be about 10 pages and should explain your data collection, model, and findings. The project (due by the final exam date) is worth 30% of your final grade. ...

Assignment-money and pricesjaydeethe organizations

Assignment-Money and Prices Jaydee The organization's strategic plan you wrote about in Week 2 calls for an aggressive growth plan, requiring investment in facilities and equipment, growth in productivity, and labor over ...

Microeconomics paper-project paperthe paper is to be a

Microeconomics Paper- Project Paper The paper is to be a properly formatted (APA) paper that I expect will take at least 5 pages to do properly. It is to take the material discussed in the course and apply it to some iss ...

Microeconomicswatch this 30 mins youtube link on how the

Microeconomics Watch this 30 mins. YouTube link on 'How The Economic Machine Works' You will enjoy it! https://youtu.be/PHe0bXAIuk0 Write down your understanding of 'How The Economic Machine Works' and make sure to suppo ...

Assignmentioverview provide an overview consisting of a

Assignment I. Overview: Provide an overview consisting of a brief description of the chosen company, your chosen product or service, and annual sales. II. Macroeconomic Variables For this section, you will utilize macroe ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

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.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

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