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Economics

Find the equilibrium quantity and price in the following market:

Demand is P=190-3Q

Supply is P=10+5Q

-What is the point elasticity of demand at equilibrium?

-What is the marginal revenue at equilibrium?(use equation connecting MR and P)

- If marginal cost is constant $8 dollars, should we keep producing and selling? until which point we can keep producing?

- If total revenue is P*Q (hint: use the demand function P) calculate TR and MR and find the equilibrium quantity where MC=MR. what is the price?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91402429

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