Advertisements
Advertisements
Question
Choose the correct alternative:
For the demand function p(x), the elasticity of demand with respect to price is unity then
Options
Revenue is constant
Cost function is constant
Profit is constant
None of these
Solution
Revenue is constant
APPEARS IN
RELATED QUESTIONS
The elasticity of demand with respect to price for a commodity is given by `((4 - x))/x`, where p is the price when demand is x. Find the demand function when the price is 4 and the demand is 2. Also, find the revenue function
If the marginal cost function of x units of output is `"a"/sqrt("a"x + "b")` and if the cost of output is zero. Find the total cost as a function of x
Given the marginal revenue function `4/(2x + 3)^2 - 1` show that the average revenue function is P = `4/(6x + 9) - 1`
If the marginal revenue function is R'(x) = 1500 – 4x – 3x2. Find the revenue function and average revenue function
Calculate the producer’s surplus at x = 5 for the supply function p = 7 + x
Find the consumer’s surplus and producer’s surplus for the demand function pd = 25 – 3x and supply function ps = 5 + 2x
Choose the correct alternative:
If MR and MC denotes the marginal revenue and marginal cost functions, then the profit functions is
Choose the correct alternative:
When x0 = 5 and p0 = 3 the consumer’s surplus for the demand function pd = 28 – x2 is
Choose the correct alternative:
The demand and supply function of a commodity are P(x) = (x – 5)2 and S(x) = x2 + x + 3 then the equilibrium quantity x0 is
Choose the correct alternative:
The demand and supply function of a commodity are D(x) = 25 – 2x and S(x) = `(10 + x)/4` then the equilibrium price p0 is
