ECU 402: Engineering Economics Continuous Assessment Test 1

Continuous assessment test from the School of Engineering. Calculates the price at which a consumer whose demand for food is ten minus twice the price faces a price elasticity of demand of two thirds, defines market equilibrium with a labelled diagram, and traces the effect on the equilibrium market price of a rise in consumer income, of farm products in favourable weather, of a rise in the price of a substitute good, of a fall in the price of a complementary good, and of a fall in the costs of production.