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Questions
Anonymous
Jun 4
3. A firm operates in a perfectly competitive market. The market price of its product is 4 birr and the total cost function is given by TC 1/30-50+200+50, where TC is the total cost and Q is thelevel?
2. Given the following demand function; Qx100-0.25Px+0.5Y-5Py, and Qx5, Px 3 birr, Y = 20 birr and Py = 4birr Where Qx Quantity of good X, Px Price of good Y, Y the income of the individual and Py the price of good Y. Calculate, a. The price elasticity of demand of good X and interpret your result. b. The income elasticity of demand of good X and interpret your result. c. The cross price elasticity of good X for good Y and interpret your result. Economics questions give best answer
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