Author Question: Use the data in the above table and suppose that labor is the only variable factor of production. At ... (Read 57 times)

strangeaffliction · **on:** Jun 29, 2018

Use the data in the above table and suppose that labor is the only variable factor of production. At what level of output does the marginal cost start to rise at Decent Donuts?

A) 0 dozen donuts
B) 111 dozen donuts
C) 128 dozen donuts
D) There is not enough information given to determine when the marginal cost starts to increase.

Question 2

If a shift in the demand curve that raises the price of oranges from 7 to 9 a bushel increases the quantity of oranges supplied from 4,000 bushels to 6,000 bushels, the

A) supply of oranges is elastic.
B) supply of oranges is inelastic.
C) demand for oranges is elastic.
D) demand for oranges is inelastic.