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
The elasticity of demand with respect to price for a commodity is given by `((4 - x))/x`, where p is the price when demand is x. Find the demand function when the price is 4 and the demand is 2. Also, find the revenue function
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 demand function p = 85 – 5x and supply function p = 3x – 35. Calculate the equilibrium price and quantity demanded. Also, calculate consumer’s surplus
The demand function for a commodity is p =`36/(x + 4)`. Find the consumer’s surplus when the prevailing market price is ₹ 6
Under perfect competition for a commodity the demand and supply laws are Pd = `8/(x + 1) - 2` and Ps = `(x + 3)/2` respectively. Find the consumer’s and producer’s surplus
Choose the correct alternative:
If the marginal revenue function of a firm is MR = `"e"^((-x)/10)`, then revenue is
Choose the correct alternative:
If MR and MC denotes the marginal revenue and marginal cost functions, then the profit functions is
For the marginal revenue function MR = 6 – 3x2 – x3, Find the revenue function and demand function
The demand equation for a product is Pd = 20 – 5x and the supply equation is Ps = 4x + 8. Determine the consumers surplus and producer’s surplus under market equilibrium
