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Author Question: The price elasticity of demand for good x is defined as: a. percentage change in px / percentage ... (Read 37 times)

faduma

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on: Jul 1, 2018
The price elasticity of demand for good x is defined as:
 a. percentage change in px / percentage change in x.
  b. percentage change in x /percentage change in px.
  c. percentage change in x/percentage change in income.
  d. percentage change in x /percentage change in py.

Question 2

In natural monopoly, AC continuously declines due to economies in distribution or in production, which tends to found in industries which face increasing returns to scale. If price were set equal to marginal cost, then:
 a. price would equal average cost.
  b. price would exceed average cost.
  c. price would be below average cost.
  d. price would be at the profit maximizing level for natural monopoly
  e. all of the above


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potomatos

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Reply #1 on: Jul 1, 2018
Answer to Question 1

b

Answer to Question 2

c


faduma

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Reply 2 on: Jul 1, 2018
Excellent

jackie

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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