« previous next »

Author Question: If the marginal factor cost is greater than the marginal revenue product of a resource, the producer ... (Read 48 times)

mcmcdaniel

  • Hero Member
  • *****
  • Posts: 550
on: Jun 30, 2018
If the marginal factor cost is greater than the marginal revenue product of a resource, the producer can increase profits by laying off some units of the resource.
 a. True
  b. False
  Indicate whether the statement is true or false

Question 2

If a 50 percent increase in the price of pizza results in a 25 percent decrease in the quantity demanded of pizza, then the price elasticity of demand for pizza:
 a. is equal to 0.5 and demand for pizza is inelastic.
  b. is equal to 0.5 and demand for pizza is elastic.
  c. is equal to 2 and demand for pizza is elastic.
  d. is equal to 2 and demand for pizza is inelastic.
  e. cannot be determined from the information provided.


BUTTHOL369

  • Sr. Member
  • ****
  • Posts: 341
Reply #1 on: Jun 30, 2018
Answer to Question 1

True

Answer to Question 2

a


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

The lipid bilayer is made of phospholipids. They are arranged in a double layer because one of their ends is attracted to water while the other is repelled by water.

Did you know?

Thyroid conditions cause a higher risk of fibromyalgia and chronic fatigue syndrome.

Did you know?

An identified risk factor for osteoporosis is the intake of excessive amounts of vitamin A. Dietary intake of approximately double the recommended daily amount of vitamin A, by women, has been shown to reduce bone mineral density and increase the chances for hip fractures compared with women who consumed the recommended daily amount (or less) of vitamin A.

Did you know?

Vampire bats have a natural anticoagulant in their saliva that permits continuous bleeding after they painlessly open a wound with their incisors. This capillary blood does not cause any significant blood loss to their victims.

Did you know?

Cutaneous mucormycosis is a rare fungal infection that has been fatal in at least 29% of cases, and in as many as 83% of cases, depending on the patient's health prior to infection. It has occurred often after natural disasters such as tornados, and early treatment is essential.

Patent medicines contained a name brand that clearly identified the product and claimed to cure just ... Patent medicines contained a name brand that clearly identified the product and claimed to cure just ...
Importance of Considering Gestalt Principles in Product Design (2 of 2) Importance of Considering Gestalt Principles in Product Design (2 of 2)
Producer acquiring energy and nutrients from the environment Producer acquiring energy and nutrients from the environment
Use the product rule to find derivative Use the product rule to find derivative
A hypothesis test is performed to test the claim that a population proportion is greater than ... A hypothesis test is performed to test the claim that a population proportion is greater than ...
Video: Introduction to Tuberculosis

For a complete list of videos, visit our video library