i) Prove that Ed = AR/(AR MR), where AR is Average Revenue, MR is Marginal Revenue and
Fantastic news! We've Found the answer you've been seeking!
Question:
i) Prove that Ed = AR/(AR MR), where AR is Average Revenue, MR is Marginal Revenue and Ed is Elasticity of Demand. Verify this for linear demand curve
P = a bx
ii) If production function is Q=2L2K3 3L3K2, where L is Labour & K is Capital.
(a) Find average product and marginal product of labour and capital.
.
Related Book For
Microeconomics An Intuitive Approach with Calculus
ISBN: 978-0538453257
1st edition
Authors: Thomas Nechyba
Posted Date: