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#1
Hello, guys! Im stuck at solving my homework, if any of you could help me with any of these exercises, i would be very grateful! Here are 2 exercises:
1) Given the demand function - Q = 12 - P
a) Find the demand and marginal schedule
b) plot the AR and MR schedules
c) Find marginal revenue when p = 10, 6 and 2
d) estimate the elasticity co-efficient of the demand curve, when the total revenue is at maxium

2nd exercise:
Suppose a demand function for a product is given as Q=500 - 5p. Find out:
a) quantity demand at price Rs 15
b) Price to sell 200 units
c) Price for zero demand
d) Quantity demand at zero price
0
2 years ago
#2
(Original post by Brandon32)
Hello, guys! Im stuck at solving my homework, if any of you could help me with any of these exercises, i would be very grateful! Here are 2 exercises:
1) Given the demand function - Q = 12 - P
a) Find the demand and marginal schedule
b) plot the AR and MR schedules
c) Find marginal revenue when p = 10, 6 and 2
d) estimate the elasticity co-efficient of the demand curve, when the total revenue is at maxium

2nd exercise:
Suppose a demand function for a product is given as Q=500 - 5p. Find out:
a) quantity demand at price Rs 15
b) Price to sell 200 units
c) Price for zero demand
d) Quantity demand at zero price

I'll throw you a hint that the second exercise in particular is trivially easy. It's a matter of plugging certain values into the function and rearranging.
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#3
(Original post by The Financier)

I'll throw you a hint that the second exercise in particular is trivially easy. It's a matter of plugging certain values into the function and rearranging.
Thank you, sir, for your reply! Here is what i came up with for 2nd - a) 500 - 5x15 = 425 , b) 500 - 5 x 200= -500
Regarding the rest, i don't even know what to start with .
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2 years ago
#4
(Original post by Brandon32)
Thank you, sir, for your reply! Here is what i came up with for 2nd - a) 500 - 5x15 = 425 , b) 500 - 5 x 200= -500
Regarding the rest, i don't even know what to start with .
b is asking for the price to sell 200 units. This means that p is unknown whereas q is known.

With c, if there is zero demand what does that imply about how many units are sold?
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#5
(Original post by The Financier)
b is asking for the price to sell 200 units. This means that p is unknown whereas q is known.

With c, if there is zero demand what does that imply about how many units are sold?
thanks for the tip!
200=500-5p
5p=300
p=\$60

Sir, could you give me any tips on how to prepare to managerial economics midterm 2? I failed 1st one badly, scored 40 out of 100, now i have to score at least 70. That's probably the most difficult subject i have had so far. thank you! Question number 12 looks super difficult

Those were the questions:
0
2 years ago
#6
Using a similar principle for d, how would you go about it?

(Original post by Brandon32)
thanks for the tip!
200=500-5p
5p=300
p=\$60

Sir, could you give me any tips on how to prepare to managerial economics midterm 2? I failed 1st one badly, scored 40 out of 100, now i have to score at least 70. That's probably the most difficult subject i have had so far. thank you! Question number 12 looks super difficult

Those were the questions:
These aren't that difficult in reality. I'd advise going back over your lecture notes because these are all applications of very basic economic equations that you will have been taught. It's just a matter of using the same framework above. Find what you know and want you don't know in those functions, because the unknowns are usually what you're after.
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#7
Hello, not sure if my previous reply went through approval. So i post it again, could you please recommend me some managerial economics books for these kind of problems which i stated above? because my current one by Dwivedi is so hard to comprehend. Thanks
0
2 years ago
#8
(Original post by Brandon32)
Hello, not sure if my previous reply went through approval. So i post it again, could you please recommend me some managerial economics books for these kind of problems which i stated above? because my current one by Dwivedi is so hard to comprehend. Thanks
Hi there,

So it seems Dwivedi is a pretty India-focused textbook. I don't have it of course but in terms of content, it looks pretty much like first year econ in the UK. If it's available, "Economics" by Begg was a decent one that should cover everything in your Managerial Economics course. Beware though that it's UK-focused instead and may not cover managerial aspects of the subject content to the same depth as Dwivedi.
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