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Author Question: Over the range of output for which the marginal product of labor curve is negatively sloped, the ... (Read 39 times)

jayhills49

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on: Jun 29, 2018
Over the range of output for which the marginal product of labor curve is negatively sloped, the marginal cost curve is negatively sloped.
 
  Indicate whether the statement is true or false

Question 2

Suppose that the price elasticity of demand for mittens is 2.5 . What would happen to the quantity of mittens demanded if the price of mittens rose from 5 to 6? Use the midpoint formula in your calculations.
 
  What will be an ideal response?


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smrtceo

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

FALSE

Answer to Question 2

percentage change in price = 6  5/5.5 = 1/5.5 = 18.2
percentage change in quantity demanded/18.2 = -2.5

Therefore, the quantity of mittens demanded will fall by 45.5 percent.


jayhills49

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Reply 2 on: Jun 29, 2018
YES! Correct, THANKS for helping me on my review

FergA

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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