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Suppose you have the following hypothetical demand or sales function. Qx= -4Px+2Py+0.20I+0.04A

and

PX = $200, (price of good X)

PY =$230, (price of good Y)

I = $1,500 (disposable per capita income)

A =$12,000 (advertizing expenditures)

a. prepare out a reduced demand function

b. Solve for and prepare out the demand curve equation

c. Give a narrative interpretation for the coefficient of I

d. How could we classify good X and good Y? describe why.

e. find out expected sales.

f. Find the total revenue function

g. Find the marginal revenue function

h. What output level maximizes total revenue

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M945639

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