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Mon 13 Nov, 2017 02:33 am
Hello, guys! Im stuck at solving my homework, if any of you could help me with any of these exercises, i would be very grateful! Here are 2 exercises:
1) Given the demand function - Q = 12 - P
a) Find the demand and marginal schedule
b) plot the AR and MR schedules
c) Find marginal revenue when p = 10, 6 and 2
d) estimate the elasticity co-efficient of the demand curve, when the total revenue is at maxium
2nd exercise:
Suppose a demand function for a product is given as Q=500 - 5p. Find out:
a) quantity demand at price Rs 15
b) Price to sell 200 units
c) Price for zero demand
d) Quantity demand at zero price
@Michael32,
Hi, what do you mean by "schedule"?
I'd like to help you but, not being a native speaker, I don't understand .
Thanks.
Given the linear equation Quantity = 12 - Price
Let Activity be Price × Quantity
Activity = Price × Quantity
= Price × (12 - Price)
= 12 × Price - Price^2
= -1 × Price^2 + 12 × Price + 0 // y = ax^2 + bx + c, a parabola
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