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
Advertisements
Solution
Revenue is constant
APPEARS IN
RELATED QUESTIONS
Elasticity of a function `("E"y)/("E"x)` is given by `("E"y)/("E"x) = (-7x)/((1 - 2x)(2 + 3x))`. Find the function when x = 2, y = `3/8`
The marginal cost function of a product is given by `"dc"/("d"x)` = 100 – 10x + 0.1x2 where x is the output. Obtain the total and the average cost function of the firm under the assumption, that its fixed cost is ₹ 500
A firm’s marginal revenue function is MR = `20"e"^((-x)/10) (1 - x/10)`. Find the corresponding demand function
The marginal cost function of a commodity is given by MC = `14000/sqrt(7x + 4)` and the fixed cost is ₹ 18,000. Find the total cost and average cost
If the marginal cost (MC) of production of the company is directly proportional to the number of units (x) produced, then find the total cost function, when the fixed cost is ₹ 5,000 and the cost of producing 50 units is ₹ 5,625
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:
The producer’s surplus when the supply function for a commodity is P = 3 + x and x0 = 3 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
A company has determined that marginal cost function for x product of a particular commodity is given by MC = `125 + 10x - x^2/9`. Where C is the cost of producing x units of the commodity. If the fixed cost is ₹ 250 what is the cost of producing 15 units
The price elasticity of demand for a commodity is `"p"/x^3`. Find the demand function if the quantity of demand is 3 when the price is ₹ 2.
