Problem 1) If q=100-4p where p=price and q= quantity demanded, find the point elasticity of demand at p=10 and comment on its value
Problem 2) If the market demand function is qd = 60-6p and the market supply function is qs = -3+15p, where p = price and qd = = quantity demand and qs = quantity supplied find the equilibrium price and quantity
Problem 3) If ac - 400 - 30q + 2q(squared), where ac = average cost and q = quantity, find the total cost (tc) and marginal cost (mc)functions.