Question: A monopolist faces the demand function : x= 10 - 2p where x denotes sale and p denotes price. find the firm's revenue in terms

  1. A monopolist faces the demand function : x= 10 - 2p

where x denotes sale and p denotes price. find the firm's revenue in terms of x also find the marginal revenue.

2. suppose cost of producing an output level x of a good is x^2+3x+10

find the marginal cost

3. Suppose the supply function for tea is q= -1+2p

where p denotes price and q denotes quantity supplied. find the elasticity of supply at points where p=1, 1.5 and 2

4. A country's imports M depend on its national income Y according to the relation M=7+0.2y + 0.05y^2

find the marginal prospensity to import

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!

Q:

Please find the attached multiple choice questions: Answers and explanations please. 25. A firm in monopolistic market faces the following demand and total cost equations for its product as follows:...

Q:

Answer all giving exexplanati 1.On 31 December 2001, an inexperienced bookkeeper working for Wanji, a sole trader extracted a trial balance. Due to errors committed by the bookkeeper, the trial...

Q:

4. For the total cost function TC(y) 3y+7y+24, y >0 show that (and illustrate on a graph): (a) MC is less than AC where AC is falling. (b) MC = AC at the point where the AC curve is horizontal. (c)...

Q:

Hi I need help on what is the answer to this problems? Below is the question and other concerns will be in the comment section . I hope you can help me and surely I will give you full positive...

Q:

Hi I need help on what is the answer to this problems? Below is the question and other concerns will be in the comment section . I hope you can help me and surely I will give you full positive...

Q:

Exercise #1. A firm produces output using the technology y= -KLi, 1,000 where capital, K, is measured in machine-hours, labor, L, is measured in person-hours, and y denotes the yearly output. The...

Q:

Thanks in advance Exercise #1. [10 pts.] A monopolist has an inverse demand curve ven by p(y) = 12-y and a cost curve given by c(y) = y". Describe how to determine its profit-maximizing level of...

Q:

HI PLEASE ANSWER ALL 1. Assume the market for apples is initially in equilibrium. Which of the following will result in a higher equilibrium price of apples? a. An increase in both the demand for and...

Q:

Eco nomics Human lCapital Model: Fieinterpretthe human capital growth model as follows: Suppose there are two groups of people in a country, the lowskilled and the highskilled, where the lowskilled...

Q:

He lp m eo u tpl e a se : Questions.,, 4. Which of the following will not shift either the demand or supply curve? 3. Changes in production costs b. Changes in consumer tastes c. Changes in the price...

Q:

BS Limited manufactures one standard product and operates a system of variance accounting using a fixed budget. As assistant management accountant, you are responsible for preparing the monthly...

Q:

Express -2-12 in polar form with principal argument. Express -2+6i in polar form with principal argument.

Q:

As a Product Owner, you need to add estimates to your Backlog items. You have a small team and a large number of P should you use based on the team sire and amount of tasks? Affinity Mapping Planning...

Q:

Using the following returns, calculate the arithmetic average returns, the variances, and the standard deviations for X andY. Returns Year 17% 23% 32

Q:

An employee of JHT Holdings, Inc., a trucking company, was responsible for resolving roadway accident claims under $25,000. The employee created fake accident claims and wrote settlement checks of...

Q:

An employee of JHT Holdings, Inc., a trucking company, was responsible for resolving roadway accident claims under $25,000. The employee created fake accident claims and wrote settlement checks of...

Q:

In the blank space beside each numbered balance sheet item, enter the letter of its balance sheet classification. If the item should not appear on the balance sheet, enter a Z in the blank. A....

Q:

Jimmy Pace has recently been hired as the manager of Jittery Jon's Coffee Shop. Jittery Jon's Coffee Shop is a national chain of franchised coffee shops. During his first month as store manager,...

Q:

Identifying How Machine Learning Can Solve Problems What problem would you like your machine learning model to solve? What output would you like your machine learning model to produce? How will you...

Q:

12. What is meant by the statement, often we do not know what the real problem is until we look at its possible consequences or solutions?.

Q:

9. What is meant by the statements: a) Experiences are different from what is experienced. b) The description is different from what is described.

Q:

11. What is meant by the statement, as observers of social reality, we are always part of this reality?.