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Author Question: As illustrated in the above figure, after 60 gallons are produced each hour at Ike's Ice Cream ... (Read 63 times)

jlmhmf

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on: Jun 29, 2018
As illustrated in the above figure, after 60 gallons are produced each hour at Ike's Ice Cream Kitchen, the ATC curve starts to slope upward. The ATC starts to slope upward because the
 
  A) MC curve slopes upward.
  B) MC exceeds the ATC.
  C) distance between the ATC and the AVC curve is shrinking.
  D) None of the above answers is correct.

Question 2

Which demand is more price elastic: The demand for all personal computers or the demand for Dell computers? Explain your answer.
 
  What will be an ideal response?


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Laurenleakan

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

B

Answer to Question 2

The demand for Dell computers is more elastic than the demand for all personal computers. Dell computers have very close substitutes (Gateway or Hewlett Packard computers, for example), but it is difficult to find a good substitute for personal computers as a group. Plus, anything that substitutes for personal computers also substitutes for Dell computers. So Dell computers have more very close substitutes than do personal computers as a group.


jlmhmf

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Reply 2 on: Jun 29, 2018
Great answer, keep it coming :)

robbielu01

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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