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Author Question: If a firm's marginal revenue from its 100th unit of output is 50 and the marginal cost from its ... (Read 82 times)

Pea0909berry

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on: Jun 30, 2018
If a firm's marginal revenue from its 100th unit of output is 50 and the marginal cost from its 100th unit of output is 45, then in the short run this firm should:
 a. increase its plant size.
  b. change its technology.
  c. produce more than 99 units of output.
  d. produce less than 100 units of output.
  e. shut down.

Question 2

The cross price elasticities among substitute goods will be extremely high when:
 a. b and d.
  b. they are very similar to each other.
  c. people are consuming them frequently.
  d. people consume them in equal quantities.
  e. they are imperfect substitutes.


yifu223

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Reply #1 on: Jun 30, 2018
Answer to Question 1

c

Answer to Question 2

b


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