# Econometrics

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1. Given

Equilibrium

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%?

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##### Solution Summary

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

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