Write the equation for John\'s demand curve with P as the dependent variable: P
ID: 1215105 • Letter: W
Question
Write the equation for John's demand curve with P as the dependent variable: P = (2) Write the equation for John's demand curve with Q as the dependent variable: Q (3) When the price equals $ 5.00 John will demand quantity = (4) John will demand a quantity of 4 when the Price = $ What is the elasticity of demand for John (5) when Price =$ 8.00 ? (6)When Prices $5.00 ? (7) At what price will John leave the market (demand Q = 0)? P= $ Here is information on production for a firm. Use this to answer (8)-(t2): The list on the right shows how much com each man adds to the output of com a farm can produce using various different amounts of labor and one acre of land. This firm can sell the corn for $ 30 per bushel. They pay $ 10 for the one acre of land. The wage is $ 60 pet worker. 8) If this firm hires 3 workers, it will have a TOTAL PRODUCT 9) If this firm hires 3 workers, it will have TOTAL REVENUE =$ 10) How many workers should they hire to maximize profits? 11) If this firm does hire the number of workers you answered for question (8), exactly how much profits will they make ? 12) If all the workers have the same level of skill, why does the 2nd worker have a LARGER marginal product than the 1 st worker? (13) John buys more shoes than AI; this means John's demand will be: (A) more elastic than APs (B) less elastic than Al's (C) equally elastic to ATs (D) there is no way to say unless you have more information (14) If Sam's' income RISES, his expenditures on INFERIOR goods will: (A) rise also (B)fall (C) stay the same (D) it could be any of theseExplanation / Answer
1) P = 10 - Q/2
2) Q = 20 - 2P
3) If P =5 then Q = 10
4) If price = 8 the John will demand 4 units.
6) John will leave the market at P=$10.
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