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Q. Suppose that consumer spending is 200, and spending on food, transport and leisure is 60, 20 and 10 respectively. Suppose that after five years consumer spending doubles to 400. Explain how much do you believe will be the budget share of leisure? Why?

Q. you are the manager of a monopoically competititve firm, and your demand and cost functions are given by Q=20-2P and C(Q)+ 104-14Q+Q2.

a. find the inverse demand function for your firms product

b. determine the profit-maximizing price and level of production

c. calculate your firms maximum profits

d. what long-run adjustments should you expect/ explain

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M9222520

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