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Author Question: A firm's long-run average cost curve is derived by adding together its short-run average total cost ... (Read 113 times)

tth

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on: Jun 29, 2018
A firm's long-run average cost curve is derived by adding together its short-run average total cost curves.
 
  Indicate whether the statement is true or false

Question 2

The recent availability of satellite television has reduced the price of cable television subscriptions. Based on this statement, what may be concluded about price, cross-price, or income elasticity of demand?
 
  What will be an ideal response?


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kescobar@64

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Reply #1 on: Jun 29, 2018
Answer to Question 1

FALSE

Answer to Question 2

The availability of a substitute will likely increase the price elasticity of demand for Cable TV. The cross-price elasticity of satellite TV and cable TV is positive, suggesting that these goods are substitutes.


tth

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Reply 2 on: Jun 29, 2018
YES! Correct, THANKS for helping me on my review

Dominic

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Reply 3 on: Yesterday
Excellent

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