sulagna01

if income falls then in new consumer equlibrium

 a )marginal utilty from normal good decrease 

b)marginal utilty from inferior good decrease 

c)total utilty from noral good increase

d )the marginal utility from  noral good increase

If the marginal cost of production is constant, what is the shape of the marginal cost curve?

What is the effect on product x if the price of product y decrease ?

Suppose that a firm produce 200,000 units a year and sale them all for $10 each.The explicit cost of production are $1,500,000 and the implicit  cost of production  are$ 300,000.The  firm has an accounting of profit of

1. explicit cost

The law of diminishing returns states that as a firm increases:

If the demand and supply function are given by, P=20e*0.4Q and P=100e*-0.2Q, respectively, find the equilibrium price and quantity, and calculate the consumers and producers surplus