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Question: 1. Differentiate the function y = 25 - 0.1x-2 + 2x0.3.
2. Make up your own function with at least three different terms in x and then differentiate it.
3. Given the demand schedule p = 120 - 3q derive a function for MR and find the output at which TR is a maximum.
4. For the demand schedule p = 40 - 0.5q find the value of MR when q = 15.
A recent newspaper circular advertised the following special on tires: Buy three, get the fourth tire for free-limit one free tire per customer. If a consumer has $500 to spend on tires and other goods and each tire usually sells for $50 how does ..
A competitive firm has the following quadratic total cost function: TC = 3Q2+ bQ + 50- Determine b if the market price is $70 per unit and the firm's profit maximizing level of output is 10 units.
Present a real life example of price discrimination - explain what price discrimination does to producer and consumer surplus?
1. the production possibilities schedule showsa. the resources available to the economy.b. the maximum combinations of
Explain profit maximization from the following approaches: a. total revenue to total cost
For each of the following shocks, describe how monetary policymakers would respond (if at all) to stabilize economic activity. Assume the economy starts at long run equilibrium.
Given that milk and cookies are complements, suppose the price of flour (an ingredient in cookies) rises. What happens in the market for milk Choose one answer. a. The equilibrium price and quantity rise. b. The equilibrium price rises and the equil..
The days of picking up a phone and calling to order a product is almost of heard of today. Today most ordering is done on line using new technology known as Electronic Data Interchange (EDI). Big distribution centers are using this technology to fil..
The art of economics consists in looking notmerely at the immediate but at the longer effects of any act o rpolicy; it consists in tracing the consequences of that policy notmerely for one group but for all groups.
Sort the following scenarios according to whether they would cause a shift in the demand curve or movement along a demand curve.
Is lemons problem more severe for bonds issued by democratic governments or dictatorships? Explain. Rich people often worry that others will seek to marry them only for their money. Is this a problem of adverse selection? Explain
Electrical power costs at a mine are estimated to be $850,000 in each of the next 12 years. Find out the present value of this expenditure at an interest rate of 11%.
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