APPLICATIONS TO ECONOMICS

The demand for a product is given by q= 72−3p. Determine the revenue function.

• 3p^2−72p

• 72−3p^2

• 72−3p^2

• p+ 3p^2

• NOTA

If the demand function for a firm’s product is 40−4p, What is the revenue when price is N3?

• N144

• N132

• N84

• 32

• NOTA

The demand function for a product is given by q= 200−6p. What is the marginal revenue and at what price is the marginal revenue equal to zero?

• N18.0

• N17.6

• N16.6

• N20.6

Given a cost function as C(x) = 500 + 15x + 0.01x^2. Find the marginal cost and evaluate at x= 100 units.

• 17.02

• 32.33

• 40.02

• 18.02

• NOTA

• 160

• 320

• 400

• 224

• Pr = 15−2x

• Pr = x + 3

• NOTA

• 235 units

• 625 units

• 781 units

• 431 units

• NOTA

The total amount of a good that buyers would choose to purchase under given condition includes the following except.

• Population

• Technology

• Income and Wealth

• Price of good

• NOTA

The price at which quantity demanded is equal to the quantity supplied is called.

• Price elasticity

• Fixed price

• Equilibrium price

• Production

The price of Uncle Obinna’s rice increase from N20 to N30, its quantity demanded fell from 45 bags to 30 bags. Calculate the price elasticity of Uncle Obinna’s rice.

• 0.99

• 0.81

• 0.71

• 0.66