Microeconomics Question 2022
Added on 2022-09-18
17 Pages451 Words20 Views
Running head: MICROECONOMICS
Microeconomics
Name of the Student
Name of the University
Course ID
Microeconomics
Name of the Student
Name of the University
Course ID
MICROECONOMICS1
Table of Contents
Question 1........................................................................................................................................2
Question 7........................................................................................................................................3
Question 2........................................................................................................................................4
Question 10......................................................................................................................................4
Question 11......................................................................................................................................5
Question 12......................................................................................................................................7
Question 15......................................................................................................................................7
Question 16......................................................................................................................................7
Question 17......................................................................................................................................7
Question 18......................................................................................................................................8
Question 19......................................................................................................................................8
Question 20....................................................................................................................................10
Question 21....................................................................................................................................11
Question 22....................................................................................................................................14
Question 23....................................................................................................................................14
Table of Contents
Question 1........................................................................................................................................2
Question 7........................................................................................................................................3
Question 2........................................................................................................................................4
Question 10......................................................................................................................................4
Question 11......................................................................................................................................5
Question 12......................................................................................................................................7
Question 15......................................................................................................................................7
Question 16......................................................................................................................................7
Question 17......................................................................................................................................7
Question 18......................................................................................................................................8
Question 19......................................................................................................................................8
Question 20....................................................................................................................................10
Question 21....................................................................................................................................11
Question 22....................................................................................................................................14
Question 23....................................................................................................................................14
MICROECONOMICS2
Question 1
Demand curve
x=400−0.4 p
¿ , p= 400−x
0.4
When, x = 100,
p= 400−100
0.4
¿ 750
When, x = 120,
p= 400−120
0.4
¿ 700
Price elasticity of demand= dx
dp × p0
x0
¿−0.4 × 750
100
¿−0.4 ×7.5
¿−3
b) -3
Question 1
Demand curve
x=400−0.4 p
¿ , p= 400−x
0.4
When, x = 100,
p= 400−100
0.4
¿ 750
When, x = 120,
p= 400−120
0.4
¿ 700
Price elasticity of demand= dx
dp × p0
x0
¿−0.4 × 750
100
¿−0.4 ×7.5
¿−3
b) -3
MICROECONOMICS3
Question 7
X =2000−2 p
¿ , p= 2000− X
2
¿ , p=1000− X
2
Total Revenue ( TR ) =X × p
¿ X × (1000− X
2 )
¿ 1000 X− X2
2
First order condition for maximizing revenue
d ( TR )
dX =0
¿ , 1000− X=0
¿ , X =1000
p=1000− X
2
¿ 1000− 1000
2
¿ 1000−500
¿ 500
Question 7
X =2000−2 p
¿ , p= 2000− X
2
¿ , p=1000− X
2
Total Revenue ( TR ) =X × p
¿ X × (1000− X
2 )
¿ 1000 X− X2
2
First order condition for maximizing revenue
d ( TR )
dX =0
¿ , 1000− X=0
¿ , X =1000
p=1000− X
2
¿ 1000− 1000
2
¿ 1000−500
¿ 500
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