Method the price elasticity of demand for a good

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Reference no: EM1319512

Q1. Using the midpoint method the price elasticity of Demand for a good is computed to be approximately 0.78. That of the following events is consistent with a 4.68 percent (%) reduce in the quantity of the good demanded?

Q. find the items listed in problem Y = 3x1 + 2x2 for a production function given by Y = ax1 + ax2. Where a also b are any constant. Is it possible for such a production function to produce isoquant with a positive slope? Elucidate.

Reference no: EM1319512

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