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 113 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
Excellent

ricroger

  • Member
  • Posts: 352
Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

« previous next »
 

Did you know?

Acute bronchitis is an inflammation of the breathing tubes (bronchi), which causes increased mucus production and other changes. It is usually caused by bacteria or viruses, can be serious in people who have pulmonary or cardiac diseases, and can lead to pneumonia.

Did you know?

A serious new warning has been established for pregnant women against taking ACE inhibitors during pregnancy. In the study, the risk of major birth defects in children whose mothers took ACE inhibitors during the first trimester was nearly three times higher than in children whose mothers didn't take ACE inhibitors. Physicians can prescribe alternative medications for pregnant women who have symptoms of high blood pressure.

Did you know?

Hippocrates noted that blood separates into four differently colored liquids when removed from the body and examined: a pure red liquid mixed with white liquid material with a yellow-colored froth at the top and a black substance that settles underneath; he named these the four humors (for blood, phlegm, yellow bile, and black bile).

Did you know?

More than 150,000 Americans killed by cardiovascular disease are younger than the age of 65 years.

Did you know?

It is believed that the Incas used anesthesia. Evidence supports the theory that shamans chewed cocoa leaves and drilled holes into the heads of patients (letting evil spirits escape), spitting into the wounds they made. The mixture of cocaine, saliva, and resin numbed the site enough to allow hours of drilling.

Changes in boreal forest composition along a chronosequence in Quebec. Dates refer to the year of th Changes in boreal forest composition along a chronosequence in Quebec. Dates refer to the year of th
Fall Fall
Atmospheric pressure decreases with increase in altitude. Atmospheric pressure decreases with increase in altitude.
A car wash reduced the price of a basic wash as a promotion and test of the market. With the ... A car wash reduced the price of a basic wash as a promotion and test of the market. With the ...
Refer to (d) in the figure above. This rectifier arrangement Refer to (d) in the figure above. This rectifier arrangement
How high a hill would a 75-kg hiker have to climb to increase her gravitational potential ... How high a hill would a 75-kg hiker have to climb to increase her gravitational potential ...
Video: Muscular System Animation

For a complete list of videos, visit our video library