Compute the point cost elasticity of demand

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Reference no: EM1321670

Q. The demand curve is: Qd = 500 - 1/2 P.

a. Compute the (point) cost elasticity of demand when cost is $100. Is demand elastic or inelastic?

b. Compute the (point) cost elasticity of demand when cost is $700. Is demand elastic or inelastic?

c. Find the point at elucidates which point elasticity is equal to -1.

Q. 1. Two methods of measuring marketplace competitiveness?

2. Difference among economic profit also accounting profit?

3. Define marginal revenue also marginal costs?

4. Define two types of cost incurred by firms?

Reference no: EM1321670

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