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The price elasticity ( ε ) of demand for Q has been estimated at -0.5. Current consumption Q* is 70 units and market price (P*) is 0.70.
a. Fit a linear demand curve to the observed market data. Illustrate your result using a suitably labelled diagram. Hint: ε - = b(P*/Q*)and the equation for a linear demand function is Q* = a-bP*.
b. Now assume that the price of Q increases to P* = 0.80. Using your estimated demand function, calculate the change in consumer surplus arising from the price increase. Illustrate your result.
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Critically examine recent developments in demand theoryon #Minimum 100 words accepted#
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compare the concept of MRTS with the MRS and discuss the similarities and difference between them?
f(x1 x2,x3,x4) =min(x1/4x22/3,x3+2x4)
why does the quantity of salt tend to be unresponsive to changes in its price
You've been contacted by a local semi-professional team in Colfax, known locally as the Colfax Thunder. They play their home games at the HS baseball park for only $100 per month.
Difference between accounting profit and economic profit: The difference between accounting profit and economic profit is that economists include in total cost of production b
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