A Research scholar researching the market for fresh cow milk assumes that Qt = f(Pt, Y, A, N, Pc) where Qt is the quantity of milk demanded, Pt is the price of fresh cow milk, Y is average household income, A is advertising expenditure on processed pocket milk, N is population and Pc is the price of processed pocket milk.
(a) What does Q_t = f (Pt, Y, A, N, Pc) mean in words?
(b) Identify the independent variables.
(c) Make up a specific form for this function.
(Use your knowledge of Economics to deduce whether the coefficients of the different independent variables should be positive or negative.)

Calculate the elasticity of demand for the demand schedule by using differential calculus method P = 60 - 0.2Q where price is (i) zero, (ii) Rs.20, (iii) Rs.40

The demand and supply functions are P_d= 1600 - x² and P_s = 2x² + 400 respectively. Find the consumer's surplus and producer's Surplus at equilibrium point.

What are the ideas of information and communication technology used in economics?

If the demand function is P = 35 - 2x - x² and the demand X_o is 3, what will be the consumer's surplus?