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Author Question: On most days the price of a rose is 1 and 80 roses are purchased. On Valentine's Day the demand ... (Read 65 times)

azncindy619

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on: Jun 29, 2018
On most days the price of a rose is 1 and 80 roses are purchased. On Valentine's Day the demand increases so that the price of a rose rises to 2 and 320 roses are purchased. Therefore, the price elasticity of
 
  A) demand for roses is about 1.8.
  B) demand for roses is about 0.55.
  C) supply of roses is about 1.8.
  D) supply of roses is about 0.55.

Question 2

Paul runs a shop that sells printers. Paul is a perfect competitor and can sell each printer for a price of 300.
 
  The marginal cost of selling one printer a day is 200; the marginal cost of selling a second printer is 250; and the marginal cost of selling a third printer is 350. To maximize his profit, Paul should sell A) one printer a day.
  B) two printers a day.
  C) three printers a day.
  D) more than three printers a day.


Chou

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

C

Answer to Question 2

B


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