2. Define Point Price Elasticity. Calculate Point Price Elasticity from the price and quantity given below.
| Price (P) | Quantity (Q) | Point Price Elasticity |
| 100 | 0 | |
| 90 | 30 | |
| 80 | 60 | |
| 70 | 90 | |
| 60 | 120 | |
| 50 | 150 |
3. Explain the various types of statistical analyses used for estimation of a production function.
4. “Products can be related in production as well as demand.”Examine this statement with reference to Pricing of Joint Products.
5. What is an Isocost Line? Discuss the shifting of Isocost line.
6. Write short notes on the following :-
a) Engineering method of Cost Estimation
b) Price Leadership
c) The Law of Demand