Problem:
1. Given
Equilibrium
Price of A = $20
Price of B = $80
What is the Marginal Utility of product A divided by the Marginal Utility of product B?
2. Given: Total Revenue = $3000
Quantity Sold = 50
Quantity Produced = 75
What was the price?
3. Given: At $20 a hat 100 hats were sold.
At $21 a hat 95 hats were sold.
What is the elasticity of demand (using midpoint formula)?
4. Given: Total Cost = $1000
Average Variable Cost = $10
Quantity Produced = 50
What is the Total Fixed Cost?
5. Given
The cross elasticity of demand between hotdogs and hamburger price = 0.5
What will be the percent change in hotdog sales if the price of hamburgers goes up by 10%?