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    Demand and Elasticity / Marginal Costs

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    A) If q=100-4p where p=price and q= quantity demanded, find the point elasticity of demand at p=10 and comment on its value

    B) If the market demand function is qd = 60-6p and the market supply function is qs = -3+15p, where p = price and qd = = quantity demand and qs = quantity supplied find the equilibrium price and quantity

    C) If ac - 400 - 30q + 2q(squared), where ac = average cost and q = quantity, find the total cost (tc) and marginal cost (mc)functions.

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    Solution Preview

    A) IF Q=100-4P WHERE P=PRICE AND Q= QUANTITY DEMANDED, FIND THE POINT ELASTICITY OF DEMAND AT P=10 AND COMMENT ON ITS VALUE

    dQ/dP = -4

    Since the value of elasticity is less ...

    Solution Summary

    Demand, Elasticity and Marginal Costs are investigated. The solution is detailed and well presented. The response received a rating of "5/5" from the student who originally posted the question.

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