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

Author Question: Refer to the scenario above. Instead of the price increase, if there is a fall in price from 6 to 4, ... (Read 112 times)

APUS57

  • Hero Member
  • *****
  • Posts: 571
on: Jun 29, 2018
Refer to the scenario above. Instead of the price increase, if there is a fall in price from 6 to 4, the absolute value of Gary's arc elasticity of demand for shirts is:
 
  A) 1.2.
  B) 2.14.
  C) 4.
  D) 5.

Question 2

Suppose a firm sells its product in a competitive market. If the ongoing wage rate in a competitive labor market is 30 and the market price of a firm's product is 2, then which of the following statements is true?
 
  A) The firm should continue to hire workers until the marginal product of the last worker hired is 2 units.
  B) The firm should continue to hire workers until the marginal product of the last worker hired is 5 units.
  C) The firm should continue to hire workers until the marginal product of the last worker hired is 10 units.
  D) The firm should continue to hire workers until the marginal product of the last worker hired is 15 units.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

lkoler

  • Sr. Member
  • ****
  • Posts: 358
Reply #1 on: Jun 29, 2018
Answer to Question 1

B

Answer to Question 2

D


APUS57

  • Member
  • Posts: 571
Reply 2 on: Jun 29, 2018
Great answer, keep it coming :)

meow1234

  • Member
  • Posts: 333
Reply 3 on: Yesterday
Gracias!

« previous next »
 

Did you know?

The human body produces and destroys 15 million blood cells every second.

Did you know?

IgA antibodies protect body surfaces exposed to outside foreign substances. IgG antibodies are found in all body fluids. IgM antibodies are the first type of antibody made in response to an infection. IgE antibody levels are often high in people with allergies. IgD antibodies are found in tissues lining the abdomen and chest.

Did you know?

Adult head lice are gray, about ? inch long, and often have a tiny dot on their backs. A female can lay between 50 and 150 eggs within the several weeks that she is alive. They feed on human blood.

Did you know?

There are 60,000 miles of blood vessels in every adult human.

Did you know?

Symptoms of kidney problems include a loss of appetite, back pain (which may be sudden and intense), chills, abdominal pain, fluid retention, nausea, the urge to urinate, vomiting, and fever.

Browning and Gunning demonstrated that placental transfer tissues increase plant reproductive succes Browning and Gunning demonstrated that placental transfer tissues increase plant reproductive succes
Fall Fall
Fall Velocity of Water Drops Fall Velocity of Water Drops
U.S. Subsurface Coal Mining: Output, Price, and Output per Worker-Hour, 1949–1994 U.S. Subsurface Coal Mining: Output, Price, and Output per Worker-Hour, 1949–1994
The retail price of a packaged CD is $60.00, which includes a tax of 4%. What is the actual ... The retail price of a packaged CD is $60.00, which includes a tax of 4%. What is the actual ...
"The Department of Agriculture came out today with its prediction for food price "The Department of Agriculture came out today with its prediction for food price
Video: Carbohydrate digestion (brush border enzymes, end products) & Carb absorption (fructose, galactose)

For a complete list of videos, visit our video library