P=101_Q where Q=101-1=100find individual demand curve and market demand curve
The following table of data represents an Agribusiness in operation. Calculate: (i) Average revenue (ii) Marginal revenue (iii) Profit (iv) Marginal cost (v) Average cost (Vi)Confirm the point of profit - Maximisation, MC = MR 11.) A firm uses two variable factors of production in the manufacture of its product, labour and capital. It combines these with a fixed factor, land, to produce different quantities of output. a) Is this firm operating in the short or long run? The following data is available b) When does the law of diminishing returns kicks in? Output/ sales 0 1 2 3 4 5 6 7 8 Total revenue 0 100 180 240 280 300 300 280 240 Total costs 20 60 110 170 240 320 410 510 620
Linda is looking for a flat to rent in London.
a. In choosing a flat, she cares about two characteristics: the number of bedrooms (x), and the number of bathrooms (y). Her utility function is U(x,y) = min(x, 2y). She has £1000 to spent on rent per month. The rental price per bedroom in London is £400, and the price per bathroom is £200. (For example, a flat with three bedrooms and two bathrooms would rent for £1600 per month.) How many bedrooms and bathrooms does London choose to rent optimally?
Use a diagram to illustrate how each of the following events affects the equilibrium
price and quantity of Mexican pizza in Namibia.
a) The price of mushroom rises. Mushroom is the main in Mexican pizza.
A survey by Namibian Statistic Agency (NSA) indicated that kapana is Namibians’
favourite. For each of the following, graphically indicate the possible effects on
demand, supply, or both as well as equilibrium price and quantity of Kapana.
a) A severe drought in Namibia causes farmers to reduce the number of cattle
in their herds by a third-quarter of their stock. These farmers supply beef
that is used for kapana meat at Single Quarter Open Market.
Using arc method calculate the elasticity of demand for oranges when the price
rises from $2 to $3 Price per orange, its demand reduces from 80 thousands oranges
to 70 thousands oranges. Interpret your answer in term of the farmer’s revenue.
Suppose 60 000 000 people are in the labour force, 23 000 000 people are employed in the public sector and 20 000 000 people are employed in the private sector. How many people are unemployed?
In the early 1970's the price of oil in the country rose by 176% and the quantity demanded fell by 25 %. What conclusion can you make about its demand?
Compute the equilibrium price of buko pie given the following equations : Qd = 750 - 15P Qs = -150 + 30P
Explain ,with the aid of a well labelled graph, why the oligopolist will not compete on price to increase his/her market share.