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Author Question: The term fixed cost refers to the cost a firm incurs to produce a specific fixed quantity of output. ... (Read 115 times)

jlmhmf

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on: Jun 29, 2018
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?


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Gabe

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Reply #1 on: Jun 29, 2018
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

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

mcabuhat

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

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