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HW1pg2 - 3 GDP is rising and price of crude oil(input in...

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Unformatted text preview: 3. GDP is rising and price of crude oil (input in production of gasoline) is declining. Demand Li... Supply : "7". Equilibrium Quantity :...7l— Equilibrium Price : ..7... Demand 1—... Supply : .9... Equilibrium Quantity :.".'.. Equilibrium Price 277.. Demand iii... Supply : ..Ti. ,7 Equilibrium Quantity Z...(..'. Equilibrium Price : :1: 6. Demand for a product of a monopoly is given as Q = 100 - 2P. a. Graph demand and marginal revenue of the firm. b. Find the revenue maximizing priceand quantity of the monopoly. c. Prove that at the revenue-maximizing quantity price elasticity of demand equals one. (1. Find price elasticity when price of the product is $30. 7- Prove that for a good sold in monopoly market /MR = P(l + l/e), where e is the price elasticity ...
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