Author Question: If a fishing boat owner brings 10,000 fish to market and the market price is 7 per fish, she will ... (Read 111 times)

jazziefee · **on:** Jun 30, 2018

If a fishing boat owner brings 10,000 fish to market and the market price is 7 per fish, she will have 70,000 in total revenue. If the average variable cost of 10,000 fish is 4 and the fixed cost of the boat is 20,000 . what is her profit?
a. 1.
b. 3.
c. 1,000.
d. 3,000.
e. 10,000.

Question 2

If the price elasticity is supply coefficient is greater than one, then supply is:
a. elastic.
b. inelastic.
c. perfectly elastic.
d. perfectly inelastic.