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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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