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ECO401 Assignment No 1 Solution Spring 2022
Question no 1 Solution:
ππ = 75 β 20π + 2π power 2
π = 4
(πππππ ππ πππππππ )ππ (ππ’πππ‘ππ‘π¦ π·πππππ) ππ’π‘π‘πππ π ππππ’π ππ πΈππ’ππ‘πππ πππ€. a) Calculate price elasticity of demand when price is 4 dollars. Also, interpret theresult.
ππ = 75 β 20(4) + 2(4)power 2
ππ = 75 β 80 + 32
ππ =27
b) Calculate total revenue of the industry by using above information in part (a).
πππ‘ππ πππ£πππ’π = π
π€βππβ ππ πππ’ππ π‘π
π = π Γ π
= 4 Γ 27
=108
c) If price elasticity of demand of ViraBloc becomes – 15/14 then how this will affect the price of ViraBloc?
ππππππ ππ πππππ΅πππ ππππππ β 15 14 πππ£πππ πππ‘β π€βππβ ππ πππ’ππ π‘π β 1.0714
As we know that when the answer lie in center it’s called unitary if the answer is going in positive its called Elastic if the answer is less than one mean in minus its mean it’s going in negative it’s called in elastic. So the nature of the Virabloc is in elastic and in elastics the Increase the price as much as you like, quantity demanded almost the same.
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