Discuss the price elasticity of demand
Determine the price elasticity of demand for the following demand functions: 1. Q = 5 - ln(P) for P=8 2. Q = 2000 - 0.5P^3 for P=15 (0.5 multiplied by p cubed) 3. Q = (12-P)^2 (12-P) squared for P=10 4. P= 2/Q for P=1
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Suppose the depreciation rate is 10%. Create a table showing the steady state capital per worker, consumption per worker or the output per worker for savings rates of 0%, 10%, 20%, 30%....all the way to 100%.
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Discuss how much output should it produce if the firm wishes to maximize total revenue? What price should it charge if the firm wishes to maximize total revenue.
Determine the price elasticity of demand for the following demand functions: Q = 2000 - 0.5P^3 for P=15 (0.5 multiplied by p cubed)
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What would be the new equilibrium price and quantity if the demand and supply curves are Qd=1000-200*price, Qs=800*price a $0.5 excise tax is levied o oranges.
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