This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: The term fixed cost refers to the cost a firm incurs to produce a specific fixed quantity of output. ... (Read 153 times)

jlmhmf

  • Hero Member
  • *****
  • Posts: 552
on: Jun 29, 2018
The term fixed cost refers to the cost a firm incurs to produce a specific fixed quantity of output.
 
  Indicate whether the statement is true or false

Question 2

Suppose that the price elasticity of demand for museum tickets is equal to 1.8 . If the price of a museum ticket rises by 30 percent, what will happen to quantity demanded?
 
  What will be an ideal response?


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

Gabe

  • Sr. Member
  • ****
  • Posts: 321
Reply #1 on: Jun 29, 2018
Answer to Question 1

FALSE

Answer to Question 2

percentage change in quantity demanded/30 = -1.8 . If the price rises by 30 percent, quantity demanded will fall by 54 percent.


jlmhmf

  • Member
  • Posts: 552
Reply 2 on: Jun 29, 2018
YES! Correct, THANKS for helping me on my review

ASDFGJLO

  • Member
  • Posts: 335
Reply 3 on: Yesterday
Gracias!

« previous next »
 

Did you know?

Acute bronchitis is an inflammation of the breathing tubes (bronchi), which causes increased mucus production and other changes. It is usually caused by bacteria or viruses, can be serious in people who have pulmonary or cardiac diseases, and can lead to pneumonia.

Did you know?

Oxytocin is recommended only for pregnancies that have a medical reason for inducing labor (such as eclampsia) and is not recommended for elective procedures or for making the birthing process more convenient.

Did you know?

Human stomach acid is strong enough to dissolve small pieces of metal such as razor blades or staples.

Did you know?

Pope Sylvester II tried to introduce Arabic numbers into Europe between the years 999 and 1003, but their use did not catch on for a few more centuries, and Roman numerals continued to be the primary number system.

Did you know?

The top 10 most important tips that will help you grow old gracefully include (1) quit smoking, (2) keep your weight down, (3) take supplements, (4) skip a meal each day or fast 1 day per week, (5) get a pet, (6) get medical help for chronic pain, (7) walk regularly, (8) reduce arguments, (9) put live plants in your living space, and (10) do some weight training.

Examples of Specific Antidotes for Overdosed Substances or Toxins Examples of Specific Antidotes for Overdosed Substances or Toxins
A model of anxiety in which stressful events or a changing mental condition can produce unfavorable A model of anxiety in which stressful events or a changing mental condition can produce unfavorable
British Output and Productivity Growth, 1760–1913 British Output and Productivity Growth, 1760–1913
Inferring Productivity from Data on Output and Factor Accumulation Inferring Productivity from Data on Output and Factor Accumulation
These findings are from Colby and Kohlberg's long-term longitudinal study These findings are from Colby and Kohlberg's long-term longitudinal study
When operating your own business, it is wise to know your cost of capital and that of the ... When operating your own business, it is wise to know your cost of capital and that of the ...
Video: Cell mediated immune response to a viral infection Animation

For a complete list of videos, visit our video library