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ECS2601 EXAM PREPARATION GUIDE
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ECS2601 ASSIGNMENT 1 SEMESTER 2 2024 If food is on the vertical axis and housing is on the horizontal axis, a set of indifference curves that are quite steep with respect to the horizontal axis … ...
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, Answer 2
Slope = change in Price/change in quantity
TAKE two points (36;0) & (32;2)
Slope = (2 - 0)/(32 - 36) = 2/-4 = -0.5
USE y = mx + c for standard equation
Where m –is slope, and c is y-intercept (when Q is zero)
P = 18 – 0.5Q demand curve
TR = P * Q
TR = (18 – 0.5Q)Q = 18Q – 0.5Q2
MR = 18 – Q
MC = 10; MR = 18 – Q
18 – Q = 10
-Q = 10 – 18
Q=8
P = 18 – 0.5Q = 18 – 0.5(8) = 14
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