The relationship between the concept of elasticity & total revenue.

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The relationship between the concept of elasticity & total revenue.

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Saron spends 150 birr per month on coffee and cake at the cafeteria. A cup of coffee costs 15 birr and a cake costs 10 birr. a) Write the equation for Saron’s cafeteria budget constraint and draw it in a diagram. b) Assume that Saron never drinks coffee without eating one cake, and never eats cakes without drinking coffee. How much of each will she consume? Draw some of her indifference curves. c) What do we call goods that are always consumed in the same proportion?
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IBM's debt ratio for 2010 is 79.6%. This means that IBM has ______. * 79.6% cents of assets available for each R1 of its liabilities * 79.6% of non-current assets available for each R1ofnon- current liabilities * financed 79.6% of its debt with assets * financed 79.6%of its assets with debt
USE THE FOLLOWING DEMAND SCHEDULE ON PENS TO ANSWER THE QUESTION. PRICE QUANTITY 19 10 000 18 15 000 17 18 000 ELAS TABLE PENS WHAT IS THE PRICE ELASTICITY OF DEMAND FOR PENS IN THE PRICE RANGE R19 TO R17?
The Ghana Economic Management Association wishes to have information on the mean income of store managers in the retail industry. A random sample of 256 managers reveals a sample mean of Ghc45,420. The standard deviation of this population is Ghc2,050. What is a reasonable range of values for the population mean? Interpret your results.
How would you draw the indifference curves for a consumer who considers both goods X and Y as (ii) How should the consumer adjust his consumption plan to attain a utility maximum? current consumption of X and Y makes his marginal rate of substitution equal to 3. ii) If the price of Y now decreases to Rs. 4, and the consumer increases his consumption of X to 65 Engel curve relate to the income elasticity?
Consider the following voting game. There are three players, 1, 2 and 3. And there are three alternatives: A, B and C. Players vote simultaneously for an alternative. Abstaining is not allowed. Thus, the strategy space for each player is {A, B, C}. The alternative with the most votes wins. If no alternative receives a majority, then alternative A is selected. Denote ui(d) the utility obtained by player i if alternave d � {A, B, C} is selected. The payoff functions are, u1 (A) = u2 (B) = u3 (C) = 2 u1 (B) = u2 (C) = u3 (A) = 1 u1 (C) = u2 (A) = u3 (B) = 0 a. Let us denote by (i, j, k) a profile of pure strategies where player 1’s strategy is (to vote for) i, player 2’s strategy is j and player 3’s strategy is k. Show that the pure strategy profiles (A,A,A) and (A,B,A) are both Nash equilibria. b. Is (A,A,B) a Nash equilibrium? Comment.
State whether the Statement is TRUE or FALSE. Also write the reason (Without reason your answer will not accepted) a) If value of cross price elasticity is positive then it means there are less close substitutes are available of that product. b) In case of luxury products, the own price elasticity of demand is greater than one. c) If salaries of journalist go up then demand curve of newspaper will shift upward. d) When price elasticity of supply is greater than one it means supply curve is flatter.