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What is the price elasticity of supply of bananas

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Reference no: EM132478646

1. Economics research is more than conventional sciences. Discuss four (4) reasons in support of the given statement.

2. You are given the following demand function:Q=-1/2P+60. At what price is total revenue maximized?

3. Read the following information to answer the questions that follow:

The market for bananas is given by the following equation:

P=100-2.5Qd

P=Qs

3.1 What is the price elasticity of supply of bananas?

3.2 Evaluate the market for bananas at a price of 20 and discuss whether there will be an equilibrium or not.

Reference no: EM132478646

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