Math Problem Statement
Solution
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Math Problem Analysis
Mathematical Concepts
Price Elasticity of Supply
Price Elasticity of Demand
Marginal Cost Function
Differentiation
Perfect Competition
Formulas
Price Elasticity of Supply (PES) = (∂q/∂P) × (P/q)
Price Elasticity of Demand (PED) = (∂q/∂P) × (P/q)
Marginal Cost Function: MC(q) = 14q
Theorems
In perfect competition, Price = Marginal Cost
Price elasticity of demand for a fixed expenditure is -1
Suitable Grade Level
Undergraduate Economics
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