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Author Question: A decrease in the price of either good will cause a consumer's budget constraint to: A) pivot ... (Read 92 times)

Chelseaamend

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on: Jun 29, 2018
A decrease in the price of either good will cause a consumer's budget constraint to:
 
  A) pivot leftward.
  B) pivot rightward.
  C) shift leftward.
  D) shift rightward.

Question 2

A single-price monopoly has the demand and marginal cost schedules given in the above table. What is the profit-maximizing level of output and price?
 
  What will be an ideal response?


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ririgirl15

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Reply #1 on: Jun 29, 2018
Answer to Question 1

B

Answer to Question 2

The profit-maximizing output is 3 units, because that is the quantity for which the marginal revenue equals the marginal cost. The price is 18 a unit.


Chelseaamend

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Reply 2 on: Jun 29, 2018
Thanks for the timely response, appreciate it

mcarey591

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Reply 3 on: Yesterday
Excellent

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