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Author Question: Refer to Figure 4-8. What is the value of consumer surplus after the imposition of the ceiling? ... (Read 117 times)

HudsonKB16

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on: Jun 29, 2018
Refer to Figure 4-8. What is the value of consumer surplus after the imposition of the ceiling?
 
  A) 120,000 B) 230,000 C) 270,000 D) 430,000

Question 2

How does marginal cost change as output increases (a) initially and (b) eventually?
 
  What will be an ideal response?


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ong527

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

B

Answer to Question 2

At small outputs, marginal cost decreases as output increases because of greater specialization and the division of labor, but as output increases further, marginal cost eventually increases because of the law of diminishing returns.


HudsonKB16

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Reply 2 on: Jun 29, 2018
Thanks for the timely response, appreciate it

kusterl

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Reply 3 on: Yesterday
Excellent

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