assume that the supply of oil is S(P) = (P-3)/2.
(a) Compute expenditure as a function of Q (the expenditure
(b) Compute marginal expenditure as a function of Q.
(d) Compute the elasticity of supply as a function of price.
(e) Compute the elasticity of supply at the points where P=4,
P=6, P=9, P=15, and P=24.
(f) Compute price and quantity in the market equilibrium.
(g) Compute revenue in equilibrium.
(h) Compute the elasticities of supply and demand at the