This topic contains a solution. Click here to go to the answer

Author Question: Suppose fish steak and spaghetti are the only alternatives available during lunch hours at an office ... (Read 88 times)

jjjetplane

  • Hero Member
  • *****
  • Posts: 556
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.



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

Jayson

  • Sr. Member
  • ****
  • Posts: 350
Answer to Question 1

T

Answer to Question 2

d




jjjetplane

  • Member
  • Posts: 556
Reply 2 on: Jun 30, 2018
Thanks for the timely response, appreciate it


rachel

  • Member
  • Posts: 323
Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

 

Did you know?

Atropine, along with scopolamine and hyoscyamine, is found in the Datura stramonium plant, which gives hallucinogenic effects and is also known as locoweed.

Did you know?

Excessive alcohol use costs the country approximately $235 billion every year.

Did you know?

Pubic lice (crabs) are usually spread through sexual contact. You cannot catch them by using a public toilet.

Did you know?

All adults should have their cholesterol levels checked once every 5 years. During 2009–2010, 69.4% of Americans age 20 and older reported having their cholesterol checked within the last five years.

Did you know?

Autoimmune diseases occur when the immune system destroys its own healthy tissues. When this occurs, white blood cells cannot distinguish between pathogens and normal cells.

For a complete list of videos, visit our video library