The demand function yield price function is given below, the price for market will be :
(Pb = 32 - Qb)
A. | 19 |
B. | 215 |
C. | 20 |
D. | 30 |
Option: A Explanation : Click on Discuss to view users comments. |
Calculate elasticity of demand :
Given : That a 20% increase in the price of Bread causes the amount of Bread you buy to fall by 40%
A. | 0.5 |
B. | 4 |
C. | 2 |
D. | 6 |
Option: C Explanation : Click on Discuss to view users comments. |
Factors determining demand is/are
A. | Price of the product itself |
B. | Consumer's expectations of future |
C. | Population |
D. | All of the above |
Option: D Explanation : Click on Discuss to view users comments. |
The short run equilibrium condition gives following data :
Equilibrium output = 30
P1 (= AR1) = 140
LAC = 72.08
Super normal profit will be :
A. | 70.42 |
B. | 67.92 |
C. | 67 |
D. | All of these |
Option: B Explanation : Click on Discuss to view users comments. |