Answered: For the demand function Qd = a - bP and…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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1. For the demand function Qd = a - bP and the supply fuction Qs = dP - c, using Cramer's rule determine the equilbrium price and equilibrium quantity.

2. In calm waters, the oil spilling from the ruptured hull of a grounded tanker spreads in all directions. Assuming that the area polluted is a circle and that its radius is increasing at a rate of 2ft/sec, determine how fast the area is increasing when the radius of the circle is 40ft.

3. A firms production function is Q(L) is 15L² - 0.1L³, where output (Q) is a fuction of a single input labour (L)

I. Find the number of workers required to maximize total product.

II. For what number of workers is average product maximum

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