« previous next »

Author Question: The demand for the product of a competitive price-taker firm is: a. perfectly inelastic. b. ... (Read 80 times)

imanialler

  • Hero Member
  • *****
  • Posts: 539
on: Jun 30, 2018
The demand for the product of a competitive price-taker firm is:
 a. perfectly inelastic.
  b. perfectly elastic.
  c. greater than zero but less than one.
  d. dependent on the availability of substitutes for the firm's product.

Question 2

Sally recently got a 15 percent raise. She now purchases 7.5 percent more steak dinners. Sally's income elasticity for steak dinners is:
 a. 0.5.
  b. 0.75.
  c. 1.5.
  d. 2.0.


xiaomengxian

  • Sr. Member
  • ****
  • Posts: 311
Reply #1 on: Jun 30, 2018
Answer to Question 1

b

Answer to Question 2

a


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

In 1864, the first barbiturate (barbituric acid) was synthesized.

Did you know?

Inotropic therapy does not have a role in the treatment of most heart failure patients. These drugs can make patients feel and function better but usually do not lengthen the predicted length of their lives.

Did you know?

Atropine was named after the Greek goddess Atropos, the oldest and ugliest of the three sisters known as the Fates, who controlled the destiny of men.

Did you know?

Normal urine is sterile. It contains fluids, salts, and waste products. It is free of bacteria, viruses, and fungi.

Did you know?

The average human gut is home to perhaps 500 to 1,000 different species of bacteria.

Eye ball perfectly labelled (map) Eye ball perfectly labelled (map)
Firm handshake Firm handshake
To find the derivative use product rule To find the derivative use product rule
Find the two integers that have a sum of 20 and a maximum product Find the two integers that have a sum of 20 and a maximum product
Excel hardware is introducing a new product on a new product line of capacity 800 units per ... Excel hardware is introducing a new product on a new product line of capacity 800 units per ...
The functional role of pRB. The pRB protein product of RB1 The functional role of pRB. The pRB protein product of RB1
Video: Generalized life cycles for plants and animals Animation

For a complete list of videos, visit our video library