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

Author Question: A competitive firm maximizes its profits (or minimizes is losses) by producing the quantity where ... (Read 87 times)

jasdeep_brar

  • Hero Member
  • *****
  • Posts: 569
on: Jun 30, 2018
A competitive firm maximizes its profits (or minimizes is losses) by producing the quantity where the market price equals the firm's:
 a. marginal cost.
  b. average total cost.
  c. average variable cost.
  d. average fixed cost.

Question 2

The Smith family buys much more macaroni when someone in the family is laid off. This means that the Smiths' ____ is negative.
 a. demand curve for macaroni
  b. income elasticity for macaroni
  c. Engel's law
  d. income
  e. price elasticity of demand for macaroni


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

mohan

  • Sr. Member
  • ****
  • Posts: 362
Reply #1 on: Jun 30, 2018
Answer to Question 1

a

Answer to Question 2

b


jasdeep_brar

  • Hero Member
  • *****
  • Posts: 569
Reply #2 on: Jun 30, 2018
Correct answers!


mohan

  • Sr. Member
  • ****
  • Posts: 362
Reply #3 on: Jun 30, 2018
Great! Please up vote :D


« previous next »
 

Did you know?

Individuals are never “cured” of addictions. Instead, they learn how to manage their disease to lead healthy, balanced lives.

Did you know?

The average adult has about 21 square feet of skin.

Did you know?

About 80% of major fungal systemic infections are due to Candida albicans. Another form, Candida peritonitis, occurs most often in postoperative patients. A rare disease, Candida meningitis, may follow leukemia, kidney transplant, other immunosuppressed factors, or when suffering from Candida septicemia.

Did you know?

More than 20 million Americans cite use of marijuana within the past 30 days, according to the National Survey on Drug Use and Health (NSDUH). More than 8 million admit to using it almost every day.

Did you know?

The Romans did not use numerals to indicate fractions but instead used words to indicate parts of a whole.

The testes. In addition to producing sperm, the testes secrete the male sex hormones, primarily test The testes. In addition to producing sperm, the testes secrete the male sex hormones, primarily test
Each of the eight injectors shown are producing a correct spray pattern for the applications. While ... Each of the eight injectors shown are producing a correct spray pattern for the applications. While ...
This label on a Toyota Camry hybrid shows the relative smog-producing emissions, but this does not ... This label on a Toyota Camry hybrid shows the relative smog-producing emissions, but this does not ...
Competitive drug enzyme immunoassay. Competitive drug enzyme immunoassay.
Basic two-handed kneading. Tissues are lifted with the whole hand in firm contact. Basic two-handed kneading. Tissues are lifted with the whole hand in firm contact.
Lineweaver–Burk plots of the reactions with and without a competitive inhibitor Lineweaver–Burk plots of the reactions with and without a competitive inhibitor
Video: Chemical Messengers Animation

For a complete list of videos, visit our video library