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Author Question: A firm's technology may depend on which of the following factors? A) the training of its workers ... (Read 63 times)

Redwolflake15

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on: Jun 29, 2018
A firm's technology may depend on which of the following factors?
 
  A) the training of its workers B) the skill of its managers
  C) the speed and efficiency of its equipment D) all of the above

Question 2

Suppose the current price of oil is 90 a barrel and the quantity supplied is 800 million barrels per day.
 
  If the price elasticity of supply for oil in the short run is estimated at 0.5, use the midpoint formula to calculate the percentage change in quantity supplied when the price of oil rises to 98 a barrel.
InMicro ¦ Hubbard, O'Brien ¦ 1st Edition
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potomatos

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Reply #1 on: Jun 29, 2018
Answer to Question 1

D

Answer to Question 2

The percentage change in quantity supplied = (98 - 90 ) / (98 + 90 ) / 2  0.5  100 = (8 / 94 )  0.5  100 = 4.26 percent.


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