This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: If a 3 percent increase in the price of tennis shoes leads to a 7 percent increase in the number of ... (Read 102 times)

james9437

  • Hero Member
  • *****
  • Posts: 568
on: Jun 29, 2018
If a 3 percent increase in the price of tennis shoes leads to a 7 percent increase in the number of tennis shoes supplied
 
  A) the elasticity of supply equals 0.43.
  B) the elasticity of supply equals 2.33.
  C) income elasticity equals 2.33.
  D) supply is inelastic.

Question 2

Which of the following is true for BOTH monopoly and a perfectly competitive firm?
 
  A) The demand for the individual firm's product is perfectly elastic.
  B) Economic profits can be sustained indefinitely over time.
  C) The marginal revenue curve is horizontal at the market equilibrium price.
  D) Profits are maximized by producing at the level of output where marginal revenue is equal to marginal cost.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

qytan

  • Sr. Member
  • ****
  • Posts: 336
Reply #1 on: Jun 29, 2018
Answer to Question 1

B

Answer to Question 2

D


james9437

  • Hero Member
  • *****
  • Posts: 568
Reply #2 on: Jun 29, 2018
Thank you


qytan

  • Sr. Member
  • ****
  • Posts: 336
Reply #3 on: Jun 29, 2018
No problemo


« previous next »
 

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.

Did you know?

Coca-Cola originally used coca leaves and caffeine from the African kola nut. It was advertised as a therapeutic agent and "pickerupper." Eventually, its formulation was changed, and the coca leaves were removed because of the effects of regulation on cocaine-related products.

Did you know?

The horizontal fraction bar was introduced by the Arabs.

Did you know?

The training of an anesthesiologist typically requires four years of college, 4 years of medical school, 1 year of internship, and 3 years of residency.

Did you know?

Many people have small pouches in their colons that bulge outward through weak spots. Each pouch is called a diverticulum. About 10% of Americans older than age 40 years have diverticulosis, which, when the pouches become infected or inflamed, is called diverticulitis. The main cause of diverticular disease is a low-fiber diet.

Independent assortment produces 50 percent recombinants Independent assortment produces 50 percent recombinants
Chromosome number is halved Chromosome number is halved
Three possible phylogenies for the australopithecines with Au. anamnesis as the stem ancestor and re Three possible phylogenies for the australopithecines with Au. anamnesis as the stem ancestor and re
Toussaint L’Ouverture leads a revolt of slaves against the French in Haiti—the first and only major Toussaint L’Ouverture leads a revolt of slaves against the French in Haiti—the first and only major
Average Number of Hours Slept per Day by Various Mammalian Species Average Number of Hours Slept per Day by Various Mammalian Species
Percent of oxygen in the atmosphere versus altitude. Percent of oxygen in the atmosphere versus altitude.
Video: Causes of Angina

For a complete list of videos, visit our video library