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

Author Question: The elasticity of demand for chocolate chip cookies is 0.6 and the elasticity of supply for these ... (Read 179 times)

acc299

  • Hero Member
  • *****
  • Posts: 569
on: Jun 29, 2018
The elasticity of demand for chocolate chip cookies is 0.6 and the elasticity of supply for these cookies is 1.9. If a tax is imposed on purchases of chocolate chip cookies, then the
 
  A) consumers would pay more of the tax.
  B) producers would pay more of the tax.
  C) tax would be equally shared by the consumers and the producers.
  D) consumers would pay the entire tax because their demand is less elastic than the producers' supply.

Question 2

The marginal product of labor is the
 
  A) change in total product produced by hiring an additional unit of labor.
  B) total revenue divided by units of labor.
  C) extra revenue gained by selling one more unit of output produced by hiring additional units of labor.
  D) extra revenue gained by employing one more unit of labor.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

smrerig

  • Sr. Member
  • ****
  • Posts: 325
Reply #1 on: Jun 29, 2018
Answer to Question 1

A

Answer to Question 2

A


acc299

  • Member
  • Posts: 569
Reply 2 on: Jun 29, 2018
Great answer, keep it coming :)

apple

  • Member
  • Posts: 352
Reply 3 on: Yesterday
:D TYSM

« previous next »
 

Did you know?

During pregnancy, a woman is more likely to experience bleeding gums and nosebleeds caused by hormonal changes that increase blood flow to the mouth and nose.

Did you know?

In most climates, 8 to 10 glasses of water per day is recommended for adults. The best indicator for adequate fluid intake is frequent, clear urination.

Did you know?

More than 50% of American adults have oral herpes, which is commonly known as "cold sores" or "fever blisters." The herpes virus can be active on the skin surface without showing any signs or causing any symptoms.

Did you know?

Pink eye is a term that refers to conjunctivitis, which is inflammation of the thin, clear membrane (conjunctiva) over the white part of the eye (sclera). It may be triggered by a virus, bacteria, or foreign body in the eye. Antibiotic eye drops alleviate bacterial conjunctivitis, and antihistamine allergy pills or eye drops help control allergic conjunctivitis symptoms.

Did you know?

Vaccines prevent between 2.5 and 4 million deaths every year.

The Expanding Chocolate Chip Cake Analogy The Expanding Chocolate Chip Cake Analogy
Attention and memory are in demand during circle time. Attention and memory are in demand during circle time.
An Affymetrix microarray gene chip. An Affymetrix microarray gene chip.
Blood Supply to the Lungs Blood Supply to the Lungs
The original Supply and Demand graph The original Supply and Demand graph
Suppose the market supply curve is p = 5Q. If price increases from 10 to 15, the change in ... Suppose the market supply curve is p = 5Q. If price increases from 10 to 15, the change in ...
Video: Heart sounds

For a complete list of videos, visit our video library