« previous next »

Author Question: If the marginal factor cost is greater than the marginal revenue product of a resource, the producer ... (Read 33 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?

Although not all of the following muscle groups are commonly used, intramuscular injections may be given into the abdominals, biceps, calves, deltoids, gluteals, laterals, pectorals, quadriceps, trapezoids, and triceps.

Did you know?

There can actually be a 25-hour time difference between certain locations in the world. The International Date Line passes between the islands of Samoa and American Samoa. It is not a straight line, but "zig-zags" around various island chains. Therefore, Samoa and nearby islands have one date, while American Samoa and nearby islands are one day behind. Daylight saving time is used in some islands, but not in others—further shifting the hours out of sync with natural time.

Did you know?

Before a vaccine is licensed in the USA, the Food and Drug Administration (FDA) reviews it for safety and effectiveness. The CDC then reviews all studies again, as well as the American Academy of Pediatrics and the American Academy of Family Physicians. Every lot of vaccine is tested before administration to the public, and the FDA regularly inspects vaccine manufacturers' facilities.

Did you know?

Calcitonin is a naturally occurring hormone. In women who are at least 5 years beyond menopause, it slows bone loss and increases spinal bone density.

Did you know?

The first-known contraceptive was crocodile dung, used in Egypt in 2000 BC. Condoms were also reportedly used, made of animal bladders or intestines.

Patent medicines contained a name brand that clearly identified the product and claimed to cure just ... Patent medicines contained a name brand that clearly identified the product and claimed to cure just ...
How to use the product rule to find the derivative of a function How to use the product rule to find the derivative of a function
How to completely factor quadratics How to completely factor quadratics
Find the two integers that have a sum of 20 and a maximum product Find the two integers that have a sum of 20 and a maximum product
The graph of y = sqrt(x) is vertically stretched by a factor The graph of y = sqrt(x) is vertically stretched by a factor
The phenotype of an organism is the product of interactions The phenotype of an organism is the product of interactions
Video: Bone cells and tissues - tissue composition and cells

For a complete list of videos, visit our video library