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Author Question: Other things being equal, the marginal revenue product (MRP) curve for a competitive seller A) ... (Read 15 times)

sarasara

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on: Jul 1, 2018
Other things being equal, the marginal revenue product (MRP) curve for a competitive seller
 
  A) lies below the MRP curve for a monopolist.
  B) is identical to the MRP curve for a monopolist.
  C) lies above the MRP curve for a monopolist.
  D) is upward sloping whereas a monopolist has a downward sloping MRP curve.

Question 2

Your local grocery store offers a coupon that reduces the price of milk during the coming week. The regular retail price of milk in the store is 3.00 per gallon, and the coupon price is 2.00 per gallon for the next week.
 
  If the store maximizes profits and the price elasticity of demand for milk is -2 for coupon users, what is the price elasticity of demand for non-users? A) -0.67
  B) -1.0
  C) -1.5
  D) We do not have enough information to answer the question.


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fraziera112

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Reply #1 on: Jul 1, 2018
Answer to Question 1

C

Answer to Question 2

C


sarasara

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Reply 2 on: Jul 1, 2018
Wow, this really help

mjenn52

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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