Q1. Would elasticity be constant for the demand curve represented by the equation Q=5000-0.5p?why
Q2. If the cost function for John's Shoe Repair is C (q)=100+10q-q^2+(1/3)q^3, Illustrate what is the firm's marginal cost function? Illustrate what is its profit-maximizing condition if the market price is p? Illustrate what is it's provide curve?
Q3. The president of your college believes that the cost of a college education is far too expensive for students to afford and has decided to cut the tuition by 5 percent for all students. As a result, enrollment increased by 15%. Illustrate what happened all else constant, to your institution's revenues? Why?