Exam 5: Economics Functions and Elasticities

Given the consumption function C = a + bY, the slope 'b' represents:

The elasticity of demand for the demand curve of a firm under perfect competition is

____ indicates what proportion of the increased income will be saved.

______ function expresses the relationship between price of the good and quantity of the good supplied.

Demand function for a commodity is D = 44 - 7P and supply function S = 2P -10, then the equilibrium price is:

The Price elasticity of demand for a product is 1.5 and its MR = 8, find its price:

Mathematically ____ is the first derivative of the consumption function.

When the total revenue functions is R = 100?X2, the marginal revenue is :

Function which map the relation between the physical measure of money and the perceived value of money is _____

Given a total utility function, Marginal utility is obtained by finding ______

_____ measures the change in TP due to a one unit change in the quantity of labour used:

Necessities have _____ elasticity of demand of between 0 and +1.

For equilibrium market, the condition is____

____ refers to the change in total cost (TC) due to the production of an additional unit of output.

When elasticity of demand is 2, the demand will be:

At a price of Rs11.00, quantity demanded is 90; and at a price of Rs.9.00, quantity demanded is 110. The price elasticity of demand is:

_______ function was designed by J M Keynes to show the relationship between real disposable income and consumer spending.

The slope of ___curve will be positive if and only if the marginal cost curve lies above the AC curve.

The cost per output is given by C = 2x + 27. Then the marginal cost when x = 5 is:

Given TR = 10x, TC = 5x+2, profit function is :