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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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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
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