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Consider the firm with a single factor of production defined implicitly by the relation,
z = q3 + 4q
where z is the variable input and q is output. The firm faces the following average revenue function:
p = 10 - 2q,
find out the point elasticity of the firm's total sales revenue with respect to the amount of labour used when q = 2.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M946337

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