Project #51265 - Economics

 

Problem-solving question:  Use the following data on a firm’s total cost schedules to calculate its average variable cost, average fixed cost, average total cost, and marginal cost schedules.

 

 Output      Total Cost     Total Variable Cost    Total Fixed Cost

 

  1         $2075.00           $ 75.00                $2000.00

 

  2          2140.00            140.00                 2000.00

 

  3          2180.00            180.00                 2000.00

 

  4          2280.00            280.00                 2000.00

 

  5          2400.00            400.00                 2000.00

 

 

 

Problem-solving exercises: (a) Use the arc-approximation formula to calculate the price-elasticity of demand coefficient of a firm's product demand between the (quantity, price) points of (100, $20) and (300, $10). (b) Calculate the cross-price elasticity of demand coefficient of a firm's product X, given that a 5% increase in the price of its close substitute, product Y, causes the quantity demand of product X to increase by 10%.  c) Calculate the income-elasticity of demand coefficient for a product for which a 4% increase in consumers' income will increase the quantity demanded by 6%.

 

Subject Mathematics
Due By (Pacific Time) 12/12/2014 09:00 am
Report DMCA
TutorRating
pallavi

Chat Now!

out of 1971 reviews
More..
amosmm

Chat Now!

out of 766 reviews
More..
PhyzKyd

Chat Now!

out of 1164 reviews
More..
rajdeep77

Chat Now!

out of 721 reviews
More..
sctys

Chat Now!

out of 1600 reviews
More..
sharadgreen

Chat Now!

out of 770 reviews
More..
topnotcher

Chat Now!

out of 766 reviews
More..
XXXIAO

Chat Now!

out of 680 reviews
More..
All Rights Reserved. Copyright by AceMyHW.com - Copyright Policy