Finding out the equilibrium price also quantity


Finding out the equilibrium price also quantity from the given demand also total cost equation.

1. "If every employer hired its best qualified applicants for a job at every opportunity, the phenomenon of black poverty (as distinct from poverty) could be wiped out in ten yrs." Do you agree/disagree? Comment.

2. You are given the following demand function for the industry:
Q = 20 - p. Its total cost function is TC = Q2 + 8Q + 2. Find

(a) profit-maximizing output

(b) equilibrium price

(c) elasticity of demand at the equilibrium price

(d) profits

Is this industry a price-taker or price-searcher? Elucidate why?

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Business Economics: Finding out the equilibrium price also quantity
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