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Finding out the equilibrium price also quantity from the given demand also total cost equation.

1. "If every employer hired its best qualified applicants for a job at every opportunity, the phenomenon of black poverty (as distinct from poverty) could be wiped out in ten yrs." Do you agree/disagree? Comment.

2. You are given the following demand function for the industry:
Q = 20 - p. Its total cost function is TC = Q2 + 8Q + 2. Find

(a) profit-maximizing output

(b) equilibrium price

(c) elasticity of demand at the equilibrium price

(d) profits

Is this industry a price-taker or price-searcher? Elucidate why?

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M916385

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