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

Author Question: If the price of the good measured along the vertical axis increases without a change in the price of ... (Read 67 times)

RODY.ELKHALIL

  • Hero Member
  • *****
  • Posts: 591
on: Jun 29, 2018
If the price of the good measured along the vertical axis increases without a change in the price of the good measured along the horizontal axis, the consumer's budget constraint:
 
  A) pivots rightward without a change in the intercept on the horizontal axis.
  B) pivots leftward without a change in the intercept on the horizontal axis.
  C) shifts to the right.
  D) shifts to the left.

Question 2

The above figure represents the demand and marginal revenue curves for Sue's Seafood, a seller of fresh fish.
 
  a. Over what range of output is demand elastic?
  b. Over what range of output is demand inelastic?
  c. What price maximizes total revenue?
  d. What is the price elasticity of demand at the revenue maximizing price?


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

shoemake

  • Sr. Member
  • ****
  • Posts: 343
Reply #1 on: Jun 29, 2018
Answer to Question 1

B

Answer to Question 2

a. Demand is elastic from 0 to 20 pounds of fish.
b. Demand is inelastic from 20 to 40 pounds of fish.
c. Total revenue is maximized when the price is 8 a pound.
d. Total revenue is maximized when demand is unit elastic.


RODY.ELKHALIL

  • Member
  • Posts: 591
Reply 2 on: Jun 29, 2018
Thanks for the timely response, appreciate it

Viet Thy

  • Member
  • Posts: 329
Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

« previous next »
 

Did you know?

The most common childhood diseases include croup, chickenpox, ear infections, flu, pneumonia, ringworm, respiratory syncytial virus, scabies, head lice, and asthma.

Did you know?

The oldest recorded age was 122. Madame Jeanne Calment was born in France in 1875 and died in 1997. She was a vegetarian and loved olive oil, port wine, and chocolate.

Did you know?

Prostaglandins were first isolated from human semen in Sweden in the 1930s. They were so named because the researcher thought that they came from the prostate gland. In fact, prostaglandins exist and are synthesized in almost every cell of the body.

Did you know?

Sildenafil (Viagra®) has two actions that may be of consequence in patients with heart disease. It can lower the blood pressure, and it can interact with nitrates. It should never be used in patients who are taking nitrates.

Did you know?

The first monoclonal antibodies were made exclusively from mouse cells. Some are now fully human, which means they are likely to be safer and may be more effective than older monoclonal antibodies.

Species richness increases with island size. Species richness increases with island size.
Marine myths measured Marine myths measured
The proportion of men and women with elevated blood pressure or taking hypertension medication incre The proportion of men and women with elevated blood pressure or taking hypertension medication incre
Change in American Gender Attitudes, 1977-2006 Over recent decades, views of gender roles have beco Change in American Gender Attitudes, 1977-2006 Over recent decades, views of gender roles have beco
Ancient Climate Change Ancient Climate Change
Obliquity "Tilt of Earth on its axis" Obliquity "Tilt of Earth on its axis"
Video: Morphology of a tomato plant

For a complete list of videos, visit our video library