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I need workings for those questions (31-33) Thank you ) in an its of two goods that lies on the PPF is efficient. Of am
I need workings for those questions (31-33)
Thank you
) in an its of two goods that lies on the PPF is efficient. Of am dent way the combination . 1 / 20 - 1/15 6 (35 Use the following information to answer the next three questions: The demand for winter boots in Fitchburg is given by P = 50- 5Q. 31. What is the price elasticity of demand at P = $20? 20 a. -5 X -1/5 6 -2/3 d. -50/3 2.0 32. What kind of price adjustment is needed for producers to increase their total revenue? CR = PX q an Increase the price b . Decrease the price c. Changing the price makes no difference to total revenue. d. ) Not enough information to answer this question. 33. At what price is the total revenue for producers maximized? a. $20 $25 c. $50 d. Not enough information to answer thisStep by Step Solution
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