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Analyse the level of economic efficiency achieved [short run] in a monopolistically competitive transport market (15 marks)

Start by defining the relevant market (e.g. monopolistic competition). This should follow along the lines of: ‘a market structure where many firms operate providing slightly differentiated goods and servi...

Answered by Mark A. • Economics tutor

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What is the Hedonic Calculus?

The Hedonic Calculus is one of the central ideas of Bentham's Act Utilitarianism. Created by combining hedonism, (the pursuit of pleasures and avoidance of pains) and democracy (majority rule) the hedonic...

Answered by • Philosophy tutor

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The function f(x)=x^2 -2x -24x^(1/2) has one stationary point. Find the value of x when f(x) is stationary, and hence determine the nature of this stationary point.

dy/dx = 2x - 2 -12x^-1/2dy/dx = 02x - 2 - 12x^-1/2= 0x = 4 (stationary point)d²y/dx²= 2 + 6x^-3/2when x=4, d²y/dx²= 11/411/4 >...

Answered by • Maths tutor

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Take the 2nd derivative of 2e^(2x) with respect to x.

The second derivative is just two derivatives carried out back to back. In this case we just have to differentiate this function once, and then differentiate the result. The derivative of 2e^(2x) can then...

Answered by Patrick A. • Maths tutor

20185 Views

What is a logarithm?

Logarithms, written in the form log_xy, are another type of mathematical 'operation', just like addition or multiplication. Subtraction as the opposite of addition, division is the opposite of m...

Answered by Laurie H. • Maths tutor

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