Elasticity-Midpoint

Using the midpoint formula, calculate elasticity for each of the following changes in demand by a household: P1 P2 Q1 Q2 .25 .15 300 400 My Answer: 400-300/(400+300)/2*100%=28.5% .15-.25/(.15+.25)/2*100%=.5% ChangeQ%/ChangeP%= 57 I'm terrible at math. Is this problem correct? Is my formula correct? Thanks

Marginal Products and Average Products

The number of repairs produced by a computer repair shop depends on the number of workers as follows: #of Workers #of Repairs 0 0 1 8 2 20 3 35 4 45 5 52 6 57 7 60 Assume that all inputs other than labor are fixed in the short run. a)Add 2 additional columns to the table, and enter the marginal product and average product for each number of workers b)Over what rang... click for more

Explain the concepts of total utility, marginal utility, and utility maximization.

Can you please explain the concepts of total utility, marginal utility, and utility maximization. Can you please define diminishing marginal utility and illustrate with two real-life examples - one for a business and one for an individual?

Question

What is the difference between the effect of short- and long-run price elasticity of demand to consumer's purchasing decision?

How does the price elasticity of demand affect a firm's pricing decisions?

How does the price elasticity of demand affect a firm's pricing decisions?