1).The inverse demand and supply function for a commodity are given by p×=-1\4qx+25 and qx=2px-5,respectively (a)determine the equilibrium price and quantity (b)determine the price elasticity of demand at the equilibrium (c)what is the state of the market at the price level PX=4......(2)when price of tea in a local cafe rises from br.10 to 15 per cup,demand for coffee rises from 3000 cups to 5000 cups a day despite no change in coffee prices (A) determine cross elasticity (B)based on the result ,what kind of relation exist between the two goods?....(3)The level of equilibrium price and quantity after a simultaneous upward(rightward) shift in demand and supply depends on the relative magnitude of the changes in demand and supply. Discuss with illustration....(4).Marginal utility and units of a good...unit:1,2,3,4....Good A:60,50,40,30 Good B:36,3018,12 Good C:16,14,10,8 Given (1) The price of commodity A(PA)=birr5,commodity B(PB)=birr3 and commodity C(PC)=1.(2)the total income of the consumer is birr 19 Now ,would the consumer purchase the first unit of A,B or C?Show and describe
1).The inverse demand and supply function for a commodity are given by p×=-1\4qx+25 and qx=2px-5,respectively (a)determine the
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