Supply function before taxation is highlighted below
Tax per item that will maximize the total tax revenue =?
Let the supply function after taxation is given below:
At equilibrium
The total tax would be T that is given below:
In order to maximize the total tax, take first derivative of function and put equal to zero.
Tax per item
Therefore, the tax per item would be 4800.
2. Demand function
To find the revenue of function take first derivative of R.
Hence, the revenue function is
3. The given function
Elasticity of demand function, region of elasticity, unitary and inelastic demand =?
Now,
Elasticity of demand
In case of unitary elasticity,
4. It can be concluded from the above that for the values of p between 0 < p < (20/3) demand would be elastic. Similarly, for the values of p between (20/3) <p<20, demand would be inelastic.
5. The given cost is shown below:
a) The cost of producing 25 units
Now,
Hence, the cost of producing 25 units would be $572.43.
b) Number of unit produced when the total cost $250
Now,
6. Growth of number of employees of company is highlighted below:
a) Number of employee in company after 1 year
Hence, the number of employee in company after 1 year would be 240.
b) Maximum number of employees of the company
Based on the above shown graph, it can be seen that the maximum number of employee of the company would be 250.
7. The function for the same of a product is highlighted below:
a) Sale of the company after 6 months
b) The month after which the sales be below 100,000
It can be said that sale will take 10 months to be below 100,000.
c) Graph S(x)
8. Retention by students of material learned earlier is highlighted below:
Retention rate after 3 weeks =?
Rate of retention would be first derivation of given function.
Now,
Therefore, the retention rate after 3 weeks would be 4.787 per week.
9. Monopoly market revenue from selling the x number of units is represented below:
a) Marginal revenue when the number of units is 5
The marginal revenue can be determined after taking the first derivative of the revenue function.
The marginal revenue function is
Now, marginal revenue for 5 units
b) Value of x for maximum revenue
For this, the marginal revenue function would be taken as equal to zero.
Hence, at maximum revenue the number of units would be 2.5.
c) Revenue function
10. The given demand and supply function for a product is highlighted below:
Demand function
Supply function
Let the tax per item is t.
The supply function after taxation is highlighted below:
At equilibrium the demand and supply function would be same.
Now,
Let the total tax revenue is T.
The T would a function of t and q.
In order to maximize the total tax revenue, put the first derivative of the function equal to zero.
Now,
Tax per item from equation 1
Therefore, the tax per item would be 168.
11.“When price changes cause significant changes in demand, the demand is said to be _____________elastic ______ for that product and if price changes cause relatively little change in demand, the demand is said to be _____inelastic _____________ for that product.”
12. If the point of elasticity of demand is greater than 1, the demand is __________elastic______. If the point of elasticity of demand is less than 1, the demand is ____________inelastic____.
13. Demand function of a product is highlighted below:
Now,
Point price elasticity of demand
It can be seen from the above that point price elasticity of demand is lower than 1. This indicates that the demand is inelastic in nature. Hence, the inelastic demand nature would indicate that increase in price will also increase the total revenue.
Essay Writing Service Features
Our Experience
No matter how complex your assignment is, we can find the right professional for your specific task. Contact Essay is an essay writing company that hires only the smartest minds to help you with your projects. Our expertise allows us to provide students with high-quality academic writing, editing & proofreading services.
Free Features
Free revision policy
$10Free bibliography & reference
$8Free title page
$8Free formatting
$8How Our Essay Writing Service Works
First, you will need to complete an order form. It's not difficult but, in case there is anything you find not to be clear, you may always call us so that we can guide you through it. On the order form, you will need to include some basic information concerning your order: subject, topic, number of pages, etc. We also encourage our clients to upload any relevant information or sources that will help.
Complete the order form
Once we have all the information and instructions that we need, we select the most suitable writer for your assignment. While everything seems to be clear, the writer, who has complete knowledge of the subject, may need clarification from you. It is at that point that you would receive a call or email from us.
Writer’s assignment
As soon as the writer has finished, it will be delivered both to the website and to your email address so that you will not miss it. If your deadline is close at hand, we will place a call to you to make sure that you receive the paper on time.
Completing the order and download