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Author Question: If the marginal factor cost is greater than the marginal revenue product of a resource, the producer ... (Read 54 times)

mcmcdaniel

  • Hero Member
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  • Posts: 550
on: Jun 30, 2018
If the marginal factor cost is greater than the marginal revenue product of a resource, the producer can increase profits by laying off some units of the resource.
 a. True
  b. False
  Indicate whether the statement is true or false

Question 2

If a 50 percent increase in the price of pizza results in a 25 percent decrease in the quantity demanded of pizza, then the price elasticity of demand for pizza:
 a. is equal to 0.5 and demand for pizza is inelastic.
  b. is equal to 0.5 and demand for pizza is elastic.
  c. is equal to 2 and demand for pizza is elastic.
  d. is equal to 2 and demand for pizza is inelastic.
  e. cannot be determined from the information provided.


BUTTHOL369

  • Sr. Member
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  • Posts: 341
Reply #1 on: Jun 30, 2018
Answer to Question 1

True

Answer to Question 2

a


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