« previous next »

Author Question: If the marginal factor cost is greater than the marginal revenue product of a resource, the producer ... (Read 53 times)

mcmcdaniel

  • Hero Member
  • *****
  • Posts: 550
on: Jun 30, 2018
If the marginal factor cost is greater than the marginal revenue product of a resource, the producer can increase profits by laying off some units of the resource.
 a. True
  b. False
  Indicate whether the statement is true or false

Question 2

If a 50 percent increase in the price of pizza results in a 25 percent decrease in the quantity demanded of pizza, then the price elasticity of demand for pizza:
 a. is equal to 0.5 and demand for pizza is inelastic.
  b. is equal to 0.5 and demand for pizza is elastic.
  c. is equal to 2 and demand for pizza is elastic.
  d. is equal to 2 and demand for pizza is inelastic.
  e. cannot be determined from the information provided.


BUTTHOL369

  • Sr. Member
  • ****
  • Posts: 341
Reply #1 on: Jun 30, 2018
Answer to Question 1

True

Answer to Question 2

a


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

Pink eye is a term that refers to conjunctivitis, which is inflammation of the thin, clear membrane (conjunctiva) over the white part of the eye (sclera). It may be triggered by a virus, bacteria, or foreign body in the eye. Antibiotic eye drops alleviate bacterial conjunctivitis, and antihistamine allergy pills or eye drops help control allergic conjunctivitis symptoms.

Did you know?

Eating carrots will improve your eyesight. Carrots are high in vitamin A (retinol), which is essential for good vision. It can also be found in milk, cheese, egg yolks, and liver.

Did you know?

In 1885, the Lloyd Manufacturing Company of Albany, New York, promoted and sold "Cocaine Toothache Drops" at 15 cents per bottle! In 1914, the Harrison Narcotic Act brought the sale and distribution of this drug under federal control.

Did you know?

If you could remove all of your skin, it would weigh up to 5 pounds.

Did you know?

The lipid bilayer is made of phospholipids. They are arranged in a double layer because one of their ends is attracted to water while the other is repelled by water.

Greater sage grouse Greater sage grouse
standard reduction potential (Eo), the greater the tendency of the oxidized form of a redox couple standard reduction potential (Eo), the greater the tendency of the oxidized form of a redox couple
Importance of Considering Gestalt Principles in Product Design (1 of 2) Importance of Considering Gestalt Principles in Product Design (1 of 2)
Importance of Considering Gestalt Principles in Product Design (2 of 2) Importance of Considering Gestalt Principles in Product Design (2 of 2)
pRB Transcription Factor pRB Transcription Factor
The functional role of pRB. The pRB protein product of RB1 The functional role of pRB. The pRB protein product of RB1
Video: Chloroplast Structure & Light Dependent Reactions (Photosystem 1 and 2 Cyclic Electron Flow)

For a complete list of videos, visit our video library