Q 16 Choose the correct words to fill in the blanks: MR, MC MC Pm B Q2 Qs Qy At a quantity of, the firm Q2; should reduce production to minimise losses Q5; maximises profit Q3; maximises its losses Q4; should minimise production Q 17 Use this market schedule provided to answer the question below. Point A FGHI J B CD E Qs 12 18 24 30 36 42 48 54 60 Price 12 15 18 21 24 27 30 33 36 Qd 108 97 86 75 64 53 42 31 20 Calculate price elasticity of demand at point D. -0.6 -0.88 -1.14 -1.66

Q 16 Choose the correct words to fill in the blanks: MR, MC MC Pm B Q2 Qs Qy At a quantity of, the firm Q2; should reduce production to minimise losses Q5; maximises profit Q3; maximises its losses Q4; should minimise production Q 17 Use this market schedule provided to answer the question below. Point A FGHI J B CD E Qs 12 18 24 30 36 42 48 54 60 Price 12 15 18 21 24 27 30 33 36 Qd 108 97 86 75 64 53 42 31 20 Calculate price elasticity of demand at point D. -0.6 -0.88 -1.14 -1.66

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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