Business executives who think the demand for their product is very elastic at the current price are assuming
A) the demand will become less elastic at a higher price.
B) they will be able to sell more units at a higher price.
C) they will sell fewer units but receive more dollars in sales revenue at a higher price.
D) they will sell more units and receive more dollars in sales revenue at a lower price.
E) they will sell more units but receive fewer dollars in sales revenue at a lower price.
Question 2
The figure above represents the relationship between output and cost in an industry with an external cost. Which line represents the marginal private cost (MC) curve?
A) Curve 1
B) Curve 2
C) the dotted line BC
D) the y-axis
E) the dotted line AB
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Cost = $99.49; Rate of markup based on cost = 32%. Find the markup and selling price.