The price elasticity of supply of laptop computers equals 1.5 if ...

[mp14]

The price elasticity of supply of laptop computers equals 1.5 if
 
  A) a rightward shift of the demand curve for laptops causes the quantity supplied to increase by 1.5 percent.
  B) a rightward shift of the demand curve for laptops causes a 1.5 percent increase in their price.
  C) for every 1 percent that laptop prices increase, computer makers produce another 1.5 percent laptops.
  D) for every 1.00 that laptops increase in price, computer makers produce another 150 laptops.

Question 2

In the short run, a perfectly competitive firm will make an economic profit as long as
 
  A) it maximizes its profit.
  B) P > AVC.
  C) P > AFC.
  D) P > ATC.

[srodz]

Answer to Question 1

C

Answer to Question 2

D

[mp14]

Thanks for the timely response, appreciate it

[bdobbins]

Wow, this really help