15) In question 14. if price changes to birr 11 per unit of output, does surplus or shortage exist in the market
16) Calculate the price elasticity of demand and determine the type of elasticity equilibrium for question
number 1
17) Find the MRSxy for a Cobb-Douglas utility function given as
U(x,y) X Y
145 Given a utility function by the form {x,y)-4XXY+Y?. maximize utility subject to a budget
constraint given as X+Y-56
19) Explain why the Iso-quant curve is convex to the origin?and what is different from Indifference curve
20) Discuss the relationship between total products and marginal producten

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