Reference no: EM132519324
Question 1: Being as manager of an organization, your finance manager warn you the organization face deficit, unable to afford the cost, the economist that you have hired for investigation found that the price elasticity is η= 0.3. If the price of per unit is 100 and the quantity is 3000 units
a) Estimate the total revenue if prices increase at 5%, 12%, 16% and 20 % the Qd is decreasing at 2950, 2810, 2580.and 2500 units.
b) Select the optimal price level, where revenue is maximum
c) Construct the table, draw the graphs and interpret the result.
Question 2: Safa Bahar Sanitizer production firm estimates that, the demand for their products are in the perfectly elastic in the short run. Firm is going to increase quantity of production by hiring more labors, while the capital is considering constant. If firm hires 6 labors, the MP for every additional labor is 11, 7 , 4, 2, 1 and 0?
a) Construct the table for short run production (MP, AP and TP)
b) Draw graphs for short run production
c) Identity the maximum unit of output
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