This topic contains a solution. Click here to go to the answer

Author Question: The term fixed cost refers to the cost a firm incurs to produce a specific fixed quantity of output. ... (Read 236 times)

jlmhmf

  • Hero Member
  • *****
  • Posts: 552
The term fixed cost refers to the cost a firm incurs to produce a specific fixed quantity of output.
 
  Indicate whether the statement is true or false

Question 2

Suppose that the price elasticity of demand for museum tickets is equal to 1.8 . If the price of a museum ticket rises by 30 percent, what will happen to quantity demanded?
 
  What will be an ideal response?



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

Gabe

  • Sr. Member
  • ****
  • Posts: 321
Answer to Question 1

FALSE

Answer to Question 2

percentage change in quantity demanded/30 = -1.8 . If the price rises by 30 percent, quantity demanded will fall by 54 percent.




jlmhmf

  • Member
  • Posts: 552
Reply 2 on: Jun 29, 2018
Great answer, keep it coming :)


apple

  • Member
  • Posts: 352
Reply 3 on: Yesterday
Wow, this really help

 

Did you know?

After 5 years of being diagnosed with rheumatoid arthritis, one every three patients will no longer be able to work.

Did you know?

Alcohol acts as a diuretic. Eight ounces of water is needed to metabolize just 1 ounce of alcohol.

Did you know?

According to the National Institute of Environmental Health Sciences, lung disease is the third leading killer in the United States, responsible for one in seven deaths. It is the leading cause of death among infants under the age of one year.

Did you know?

In 2006, a generic antinausea drug named ondansetron was approved. It is used to stop nausea and vomiting associated with surgery, chemotherapy, and radiation therapy.

Did you know?

Barbituric acid, the base material of barbiturates, was first synthesized in 1863 by Adolph von Bayer. His company later went on to synthesize aspirin for the first time, and Bayer aspirin is still a popular brand today.

For a complete list of videos, visit our video library