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Subject: Economics
, asked on 12/5/20
With the aid of graph. Explain how time affects elasticity of supply.
(b) Given the hypothetical demand function as QX =100 -5PX +0.1Y -20PY
Whereby:
QX = Monthly expenditures per Household kgs of meat.
PY = Price per kg of chicken. = 4000 Tshs.
PX = Price per kg of Meats. = 5000 Tshs.
Y = Monthly House Hold Income. 150,000 Tshs.
REQUIRED:
(i) Interpret the parameter?s estimate.
(ii) At the stated values of the variables above, Calculate the weekly expenditures.
(iii) Re-write the demand equation.
(iv) Calculate the cross, price and income elasticity of demand
Answer
1
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Subject: Economics
, asked on 18/4/20
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Subject: Economics
, asked on 17/3/20
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What are you looking for?

(b) Given the hypothetical demand function as QX =100 -5PX +0.1Y -20PY

Whereby:

QX = Monthly expenditures per Household kgs of meat.

PY = Price per kg of chicken. = 4000 Tshs.

PX = Price per kg of Meats. = 5000 Tshs.

Y = Monthly House Hold Income. 150,000 Tshs.

REQUIRED:

(i) Interpret the parameter?s estimate.

(ii) At the stated values of the variables above, Calculate the weekly expenditures.

(iii) Re-write the demand equation.

(iv) Calculate the cross, price and income elasticity of demand

(a) Total variable cost (b) Marginal cost

(c) Average variable cost (d) Average Fixed cost