Explore BrainMass

Explore BrainMass


    Not what you're looking for? Search our solutions OR ask your own Custom question.

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    1. Given
    Price of A = $20
    Price of B = $80
    What is the Marginal Utility of product A divided by the Marginal Utility of product B?

    2. Given: Total Revenue = $3000
    Quantity Sold = 50
    Quantity Produced = 75
    What was the price?

    3. Given: At $20 a hat 100 hats were sold.
    At $21 a hat 95 hats were sold.
    What is the elasticity of demand (using midpoint formula)?

    4. Given: Total Cost = $1000
    Average Variable Cost = $10
    Quantity Produced = 50
    What is the Total Fixed Cost?

    5. Given
    The cross elasticity of demand between hotdogs and hamburger price = 0.5
    What will be the percent change in hotdog sales if the price of hamburgers goes up by 10%?

    © BrainMass Inc. brainmass.com November 24, 2022, 11:43 am ad1c9bdddf

    Solution Summary

    The solution answers questions that calculate the marginal utility, revenue, elasticity of demand etc.