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

Author Question: Over the range of output for which the marginal product of labor curve is negatively sloped, the ... (Read 70 times)

jayhills49

  • Hero Member
  • *****
  • Posts: 559
on: Jun 29, 2018
Over the range of output for which the marginal product of labor curve is negatively sloped, the marginal cost curve is negatively sloped.
 
  Indicate whether the statement is true or false

Question 2

Suppose that the price elasticity of demand for mittens is 2.5 . What would happen to the quantity of mittens demanded if the price of mittens rose from 5 to 6? Use the midpoint formula in your calculations.
 
  What will be an ideal response?


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

smrtceo

  • Sr. Member
  • ****
  • Posts: 344
Reply #1 on: Jun 29, 2018
Answer to Question 1

FALSE

Answer to Question 2

percentage change in price = 6  5/5.5 = 1/5.5 = 18.2
percentage change in quantity demanded/18.2 = -2.5

Therefore, the quantity of mittens demanded will fall by 45.5 percent.


jayhills49

  • Member
  • Posts: 559
Reply 2 on: Jun 29, 2018
YES! Correct, THANKS for helping me on my review

meow1234

  • Member
  • Posts: 333
Reply 3 on: Yesterday
Excellent

« previous next »
 

Did you know?

There are more nerve cells in one human brain than there are stars in the Milky Way.

Did you know?

The Food and Drug Administration has approved Risperdal, an adult antipsychotic drug, for the symptomatic treatment of irritability in children and adolescents with autism. The approval is the first for the use of a drug to treat behaviors associated with autism in children. These behaviors are included under the general heading of irritability and include aggression, deliberate self-injury, and temper tantrums.

Did you know?

The term pharmacology is derived from the Greek words pharmakon("claim, medicine, poison, or remedy") and logos ("study").

Did you know?

As the western states of America were settled, pioneers often had to drink rancid water from ponds and other sources. This often resulted in chronic diarrhea, causing many cases of dehydration and death that could have been avoided if clean water had been available.

Did you know?

About 60% of newborn infants in the United States are jaundiced; that is, they look yellow. Kernicterus is a form of brain damage caused by excessive jaundice. When babies begin to be affected by excessive jaundice and begin to have brain damage, they become excessively lethargic.

Survivorship curve for the North American beaver. Survivorship curve for the North American beaver.
Titration Curve Titration Curve
The Light Curve of a Nova The Light Curve of a Nova
Range for Functions Range for Functions
The slope of the curve y = ax^3 - bx^2 + cx - 3 at x = 2 is 5. If the point of inflection of the cur The slope of the curve y = ax^3 - bx^2 + cx - 3 at x = 2 is 5. If the point of inflection of the cur
Use the product rule to find derivative Use the product rule to find derivative
Video: Stress and Immune System Animation

For a complete list of videos, visit our video library