Consider the total revenue function, TR = 28 + 7Q + 7Q^2Find the marginal revenue (MR) at Q= 15.Consider the total cost function, TC = 34 + 5Q - 7Q^2 + 5Q^3Find the marginal cost (MC) at Q= 15. Consider the demand function for good1, Q1 = 1456 - P1 + 0.75* P2 - 0.5* P3 + 0.05*YWhere, price of good1 (P1) is 222, price of good2 (P2) is 77, price of good3 (P3) is 371, and income (Y) is 21013;Find the price elasticity of demand (PED). (Give your answer to two decimal places)Find the income elasticity of demand (YED) (Give your answer to two decimal places).Find the cross price elasticity of demand (XED) between good1 and good2. (Give your answer to east two decimal places)Find the cross price elasticity of demand (XED) between good 1 and good 3. (Give your answer to two decimal places)Estimate the percentage change in the demand for good1 resulting from a 13% decrease in the price of good3.(Give your answer to two decimal places, if required and do not use % sign in your answer)

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Consider the total revenue function, TR = 28 + 7Q + 7Q^2 Find the marginal revenue (MR) at Q= 15. Consider the total cost function, TC = 34 + 5Q - 7Q^2 + 5Q^3 Find the marginal cost (MC) at Q= 15.

ENGR.ECONOMIC ANALYSIS

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Chapter1: Making Economics Decisions

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Problem 1QTC

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Question

Consider the total revenue function, TR = 28 + 7Q + 7Q^2
Find the marginal revenue (MR) at Q= 15.
Consider the total cost function, TC = 34 + 5Q - 7Q^2 + 5Q^3
Find the marginal cost (MC) at Q= 15.

Consider the demand function for good1, Q1 = 1456 - P1 + 0.75* P2 - 0.5* P3 + 0.05*Y
Where, price of good1 (P1) is 222, price of good2 (P2) is 77, price of good3 (P3) is 371, and income (Y) is 21013;
Find the price elasticity of demand (PED). (Give your answer to two decimal places)
Find the income elasticity of demand (YED) (Give your answer to two decimal places).
Find the cross price elasticity of demand (XED) between good1 and good2. (Give your answer to east two decimal places)
Find the cross price elasticity of demand (XED) between good 1 and good 3. (Give your answer to two decimal places)
Estimate the percentage change in the demand for good1 resulting from a 13% decrease in the price of good3.
(Give your answer to two decimal places, if required and do not use % sign in your answer)

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