Question
i) Prove that Ed = AR/(AR MR), where AR is Average Revenue, MR is Marginal Revenue and Ed is Elasticity of Demand. Verify this for
i) Prove that Ed = AR/(AR MR), where AR is Average Revenue, MR is Marginal Revenue and Ed is Elasticity of Demand. Verify this for linear demand curve
P = a bx
ii) If production function is Q=2L2K3 3L3K2, where L is Labour & K is Capital.
(a) Find average product and marginal product of labour and capital.
.
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Microeconomics An Intuitive Approach with Calculus
Authors: Thomas Nechyba
1st edition
538453257, 978-0538453257
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