Question
Outline the characteristics of indifference curve (6 marks) b) Given the following Q=4050-360P, Q=2500+320P ,Identify the demand and supply equation and find the equilibrium price
Outline the characteristics of indifference curve (6 marks)
b) Given the following Q=4050-360P, Q=2500+320P ,Identify the demand and supply equation and find the equilibrium price and quantity(6 marks)
c) The demand of a commodity is 10 units when the price is $2500 per unit. When the price falls to 1000 the demand rises to 15 units. Compute price elasticity of demand
(8 marks)
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The detailed answer for the above question is provided below a Characteristics of Indifference Curves Convex shape Indifference curves are usually dow...
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Intermediate Microeconomics
Authors: Hal R. Varian
9th edition
978-0393123975, 393123979, 393123960, 978-0393919677, 393919676, 978-0393123968
