ECON 402 Lecture Notes - Lecture 5: Demand Curve, Economic Surplus, Price Discrimination
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29. Given the following demand and cost functions, determine the output and sales level that maximize profit.
Demand Function: Q = 25- P; Cost Function: TC = 20+5Q +Q2 (Points : 1) 20 Units
200 Units
5 Units
None of the Above
.45, Substitutes .45, Complements .50, Complements Products are not related |
$8 $88 $42 $68 |
32. Given the demand function: QD = -10-2.1 P +.62 Y. Where P is price and Y is Income (Points : 1) |
For a 1% increase in price, quantity demanded increases by .62%.
For a 1% decrease in price, quantity demanded increases by 2.72%
None of the above