Question
Suppose the demand function is Q = 240 - 4P. At P = 30, the absolute value of point price elasticity of demand is:
More Microeconomics Questions
- In the short run, if a firm’s production function is Q = K^0.5 * L^0.5 and Capital (K) is fixed at 100 units, the Short-Run Marginal Cost (SRMC) curve will...
- If inverse demand is P = 80 - 2Q, marginal revenue is:
- If the Elasticity of Scale (epsilon) is exactly 1.2 at a specific level of output, a 10% increase in all inputs will lead to:
- Suppose we regress the dependent variable y on four independent variables x1, x2, x3, and x4. After running the regression on n = 16 observations, we have ...
- According to the Shephard’s Lemma in cost theory, the partial derivative of the cost function with respect to an input price (e.g., wage) gives:
- Two people enter a bus. Two adjacent cramped seats are free. Each person must decide whether to sit or stand. Sitting alone is more comfortable than sittin...
- A consumer has utility U = x^0.5 y^0.5, income M = 120, and prices px = 4 and py = 2. The Marshallian demand for x is:
- A competitive firm faces P = 24 and has total cost C(q) = q² + 4q + 16. Its profit-maximising output is:
- A Slutsky decomposition separates a price effect into:
- A consumer has U = x^0.4 y^0.6, income 200, px=5 and py=10. The optimal expenditure share on x is:
Relevant for Exams:
Hey! Ask a query
Please enter email id
The email must be a valid email address.
Please enter Mobile Number
Please enter valid Mobile Number
Please enter your Doubt
Think You're Ready for RBI Grade B?
RBI Grade B 2026 Phase 1 Memory Based Paper
- 200 Questions with Detailed Solutions
- Section-wise Coverage (GA, English, Quant & Reasoning)