Ass 7.doc - Assignment 7(October 29 November 10 1 The supply function of a certain commodity is Q = a bP 2 R1\/2(a<0 b>0 R rainfall a Find the price

# Ass 7.doc - Assignment 7(October 29 November 10 1 The...

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Assignment 7 (October 29 – November 10) 1. The supply function of a certain commodity is: Q = a + bP 2 + R 1/2 (a<0, b>0) [ R: rainfall ]. a) Find the price elasticity of supply and rainfall elasticity of supply. b) How do the two partial elasticities vary with P and R? In monotonic fashion (assuming positive P and R)? 2. Find all partial derivatives of the first and second order of the composite function ) , , ( z y x f w

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