« previous next »

Author Question: Suppose that you have returned from your fishing expedition with 20,000 fish. The market price is 3 ... (Read 133 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?

Only one in 10 cancer deaths is caused by the primary tumor. The vast majority of cancer mortality is caused by cells breaking away from the main tumor and metastasizing to other parts of the body, such as the brain, bones, or liver.

Did you know?

Giardia is one of the most common intestinal parasites worldwide, and infects up to 20% of the world population, mostly in poorer countries with inadequate sanitation. Infections are most common in children, though chronic Giardia is more common in adults.

Did you know?

Stevens-Johnson syndrome and Toxic Epidermal Necrolysis syndrome are life-threatening reactions that can result in death. Complications include permanent blindness, dry-eye syndrome, lung damage, photophobia, asthma, chronic obstructive pulmonary disease, permanent loss of nail beds, scarring of mucous membranes, arthritis, and chronic fatigue syndrome. Many patients' pores scar shut, causing them to retain heat.

Did you know?

When Gabriel Fahrenheit invented the first mercury thermometer, he called "zero degrees" the lowest temperature he was able to attain with a mixture of ice and salt. For the upper point of his scale, he used 96°, which he measured as normal human body temperature (we know it to be 98.6° today because of more accurate thermometers).

Did you know?

The highest suicide rate in the United States is among people ages 65 years and older. Almost 15% of people in this age group commit suicide every year.

Life-history cube, a classification of fish, mammals, and altricial birds based on three dimensionle Life-history cube, a classification of fish, mammals, and altricial birds based on three dimensionle
A female gorilla exhibiting tool use by using a tree trunk as a support whilst fishing herbs. A female gorilla exhibiting tool use by using a tree trunk as a support whilst fishing herbs.
Angler fish Angler fish
Effect of Perceived Price of a Drug on Placebo Analgesia Effect of Perceived Price of a Drug on Placebo Analgesia
Smiling fish Smiling fish
Video: Hershey Chase Experiments

For a complete list of videos, visit our video library