Find an expression for the point elasticity of supply for the supply function below.
Q = 9P + 1
Therefore, the expression for the point elasticity of supply is……..
(Simplify your answer. Type an expression using Q as the variable).
–And state whether the supply is elastic, inelastic or unit elastic.
Find the price elasticity of demand at P=8 for the demand function below
P = 90 – Q/2
Please note……(Q/2 is a fraction…….Q is the numerator and 2 is the denominator)
Therefore, the price elasticity of demand at P=8 is…………
(Round to two decimal places as needed).
A firm’s short-run production function is given by the equation below
Q = 10L^2 – 0.1L^3
(Please note 10L^2 is 10L to the power of 2 – 0.1L^3 is 0.1L to the power of 3)
Find the value of L which maximizes AP
(not sure how to write the above on a computer–but its AP with a L lower than the AP–
Therefore L is………………
(Type an integer or a decimal)
If the demand equation of a good is
P = 20 – 4Q
Find the level of output that maximizes total revenue.
Therefore, the level of output that maximizes total revenue is……..
(Type an integer or a simplified fraction).