« previous next »

Author Question: Suppose that you have returned from your fishing expedition with 20,000 fish. The market price is 3 ... (Read 110 times)

moongchi

  • Hero Member
  • *****
  • Posts: 516
on: Jun 30, 2018
Suppose that you have returned from your fishing expedition with 20,000 fish. The market price is 3 per fish. Your average fixed cost was 1 and your total variable cost was 5,000 . If the price jumps to 3.50 before you sell your first fish, how much extra profit, if any, do you earn?
 a. 10,000.
  b. 25,000.
  c. 30,000.
  d. 45,000.
  e. 70,000.

Question 2

If the price elasticity of supply equals zero, this implies that:
 a. suppliers can easily change the quantity supplied of the product as the price of the product changes.
  b. the period under consideration is a very long-run time period.
  c. the supply curve is perfectly vertical.
  d. the percentage change in quantity supplied exceeds the percentage change in product price.
  e. the percentage change in quantity supplied equals the percentage change in product price.


nikmaaacs

  • Sr. Member
  • ****
  • Posts: 335
Reply #1 on: Jun 30, 2018
Answer to Question 1

a

Answer to Question 2

c


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question

moongchi

  • Hero Member
  • *****
  • Posts: 516
Reply #2 on: Jun 30, 2018
Correct answers!


nikmaaacs

  • Sr. Member
  • ****
  • Posts: 335
Reply #3 on: Jun 30, 2018
Great! Please up vote :D


« previous next »
 

Did you know?

In the ancient and medieval periods, dysentery killed about ? of all babies before they reach 12 months of age. The disease was transferred through contaminated drinking water, because there was no way to adequately dispose of sewage, which contaminated the water.

Did you know?

It is difficult to obtain enough calcium without consuming milk or other dairy foods.

Did you know?

Tobacco depletes the body of vitamins A, C, and E, which can result in any of the following: dry hair, dry skin, dry eyes, poor growth, night blindness, abscesses, insomnia, fatigue, reproductive system problems, sinusitis, pneumonia, frequent respiratory problems, skin disorders, weight loss, rickets, osteomalacia, nervousness, muscle spasms, leg cramps, extremity numbness, bone malformations, decayed teeth, difficulty in walking, irritability, restlessness, profuse sweating, increased uric acid (gout), joint damage, damaged red blood cells, destruction of nerves, infertility, miscarriage, and many types of cancer.

Did you know?

Acetaminophen (Tylenol) in overdose can seriously damage the liver. It should never be taken by people who use alcohol heavily; it can result in severe liver damage and even a condition requiring a liver transplant.

Did you know?

The shortest mature adult human of whom there is independent evidence was Gul Mohammed in India. In 1990, he was measured in New Delhi and stood 22.5 inches tall.

Territorial reef fish compete intensely for space. Territorial reef fish compete intensely for space.
Flying fish Flying fish
Hairy Fish Hairy Fish
Markets and Institutions Market Story Problem Markets and Institutions Market Story Problem
Suppose a country imports televisions. The country's supply and demand curves are shown in ... Suppose a country imports televisions. The country's supply and demand curves are shown in ...
Grilled Dominican fish steak Grilled Dominican fish steak
Video: Integumentary Anatomy

For a complete list of videos, visit our video library