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Author Question: Suppose fish steak and spaghetti are the only alternatives available during lunch hours at an office ... (Read 20 times)

jjjetplane

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on: Jun 30, 2018
Suppose fish steak and spaghetti are the only alternatives available during lunch hours at an office cafeteria. If a nominal change in the price of fish steak brings about a prominent change in the demand for spaghetti we can conclude that the latter has a high demand elasticity.
  Indicate whether the statement is true or false

Question 2

Assume that a firm's marginal revenue curve intersects the rising portion of its marginal cost curve at 500 units of output. At this output level, a profit-maximizing firm's total cost of production is 1,000 . If the price of the product is 5 per unit, the total revenue earned by the firm will be:
 a. 1,500.
  b. 250.
  c. 500.
  d. 2,500.
  e. 1,000.


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Jayson

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Reply #1 on: Jun 30, 2018
Answer to Question 1

T

Answer to Question 2

d


jjjetplane

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Reply 2 on: Jun 30, 2018
Excellent

olderstudent

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

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