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Author Question: Suppose the long-run cost function is C = 3q. What is the cost-output elasticity for this case? ... (Read 51 times)

casperchen82

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on: Jul 1, 2018
Suppose the long-run cost function is C = 3q. What is the cost-output elasticity for this case?
 
  A) 1
  B) 3
  C) 1/3
  D) 2

Question 2

The Acme Company is a perfect competitor in its input markets and a monopolist in its output market. The marginal product of labor is 20 and the price of Acme's output is 10. For Acme Company, the marginal revenue product of labor is
 
  A) less than 10.
  B) 10.
  C) 20.
  D) less than 200.
  E) 200


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karlss

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

A

Answer to Question 2

D


casperchen82

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  • Posts: 540
Reply 2 on: Jul 1, 2018
Wow, this really help

phuda

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

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