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

Author Question: The market price for wallets is 20 . Your technology is such that at your most efficient production ... (Read 45 times)

PhilipSeeMore

  • Hero Member
  • *****
  • Posts: 561
on: Jun 30, 2018
The market price for wallets is 20 . Your technology is such that at your most efficient production point, the average total cost of producing a wallet is 2.50 . Your manager runs into your office and shouts, Boss Average costs are rising Average costs are rising To make a profit-maximizing decision, you should:
 a. d or e.
  b. immediately stop production.
  c. completely ignore your manager.
  d. ask the manager about the marginal cost.
  e. ask the manager about the average total cost.

Question 2

Suppose that when price is 10, quantity supplied is 20 . When price is 6, quantity supplied is 12 units. The price elasticity of supply is:
 a. 0.5.
  b. 0.8.
  c. 1.0.
  d. 1.5.
  e. 2.0.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

coreycathey

  • Sr. Member
  • ****
  • Posts: 333
Reply #1 on: Jun 30, 2018
Answer to Question 1

d

Answer to Question 2

c


PhilipSeeMore

  • Member
  • Posts: 561
Reply 2 on: Jun 30, 2018
:D TYSM

aliotak

  • Member
  • Posts: 326
Reply 3 on: Yesterday
Excellent

« previous next »
 

Did you know?

The Babylonians wrote numbers in a system that used 60 as the base value rather than the number 10. They did not have a symbol for "zero."

Did you know?

When intravenous medications are involved in adverse drug events, their harmful effects may occur more rapidly, and be more severe than errors with oral medications. This is due to the direct administration into the bloodstream.

Did you know?

The newest statin drug, rosuvastatin, has been called a superstatin because it appears to reduce LDL cholesterol to a greater degree than the other approved statin drugs.

Did you know?

As many as 28% of hospitalized patients requiring mechanical ventilators to help them breathe (for more than 48 hours) will develop ventilator-associated pneumonia. Current therapy involves intravenous antibiotics, but new antibiotics that can be inhaled (and more directly treat the infection) are being developed.

Did you know?

According to animal studies, the typical American diet is damaging to the liver and may result in allergies, low energy, digestive problems, and a lack of ability to detoxify harmful substances.

Some uses of recombinant DNA technology for making improved vaccines Some uses of recombinant DNA technology for making improved vaccines
Cotton Production and Slave Population, 1800–1860 Cotton Production and Slave Population, 1800–1860
3D Plant Layout - Side View for Dual-Stage Pressure Production of Nitric Acid 3D Plant Layout - Side View for Dual-Stage Pressure Production of Nitric Acid
The Production Function The Production Function
Digital Planet Tomorrow's Technology and You, Complete, 10E Digital Planet Tomorrow's Technology and You, Complete, 10E
Complete the following production chart and plot the points. Complete the following production chart and plot the points.
Video: Secondary Active Transport

For a complete list of videos, visit our video library