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

Author Question: The term fixed cost refers to the cost a firm incurs to produce a specific fixed quantity of output. ... (Read 206 times)

jlmhmf

  • Hero Member
  • *****
  • Posts: 552
on: Jun 29, 2018
The term fixed cost refers to the cost a firm incurs to produce a specific fixed quantity of output.
 
  Indicate whether the statement is true or false

Question 2

Suppose that the price elasticity of demand for museum tickets is equal to 1.8 . If the price of a museum ticket rises by 30 percent, what will happen to quantity demanded?
 
  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

Gabe

  • Sr. Member
  • ****
  • Posts: 321
Reply #1 on: Jun 29, 2018
Answer to Question 1

FALSE

Answer to Question 2

percentage change in quantity demanded/30 = -1.8 . If the price rises by 30 percent, quantity demanded will fall by 54 percent.


jlmhmf

  • Member
  • Posts: 552
Reply 2 on: Jun 29, 2018
Wow, this really help

apple

  • Member
  • Posts: 352
Reply 3 on: Yesterday
:D TYSM

« previous next »
 

Did you know?

Aspirin may benefit 11 different cancers, including those of the colon, pancreas, lungs, prostate, breasts, and leukemia.

Did you know?

It is difficult to obtain enough calcium without consuming milk or other dairy foods.

Did you know?

Common abbreviations that cause medication errors include U (unit), mg (milligram), QD (every day), SC (subcutaneous), TIW (three times per week), D/C (discharge or discontinue), HS (at bedtime or "hours of sleep"), cc (cubic centimeters), and AU (each ear).

Did you know?

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

Did you know?

More than 30% of American adults, and about 12% of children utilize health care approaches that were developed outside of conventional medicine.

Specific Antidotes Specific Antidotes
A spark tester connected to a spark plug wire or coil output. A typical spark tester will fire only ... A spark tester connected to a spark plug wire or coil output. A typical spark tester will fire only ...
DOT placarding requirements: Table 1 materials must be placarded in any quantity, and Table 2 ... DOT placarding requirements: Table 1 materials must be placarded in any quantity, and Table 2 ...
Specific Gravity of Selected Materials Specific Gravity of Selected Materials
Nitrogen dioxide decomposes at 300°C via a second-order process to produce nitrogen monoxide ... Nitrogen dioxide decomposes at 300°C via a second-order process to produce nitrogen monoxide ...
opener E. coli have been genetically engineered to produce lycopene opener E. coli have been genetically engineered to produce lycopene
Video: Brief Summary on Photosynthesis - Animation

For a complete list of videos, visit our video library