« previous next »

Author Question: Farmer Fanny sells her crops in a perfectly competitive market. If she produces 500 bushels for ... (Read 70 times)

tatyanajohnson

  • Hero Member
  • *****
  • Posts: 569
on: Jun 30, 2018
Farmer Fanny sells her crops in a perfectly competitive market. If she produces 500 bushels for total revenue of 3,000 and if harvesting the 501st bushel would raise her total cost from 2,500 to 2,510, her
 a. revenue will increase by 4 if she harvests the 501st bushel
  b. revenue will fall by 4 if she harvests the 501st bushel
  c. average fixed cost will rise if she harvests the 501st bushel
  d. profit will fall by 10 if she harvests the 501st bushel
  e. profit will fall by 4 if she harvests the 501st bushel

Question 2

Suppose that a monopolist must choose between two points on its demand curve: it can sell 100 units for 3 each, or it can sell 140 units for 2 each. Which of the following is true?
 a. The monopolist is facing elastic demand.
  b. The monopolist is facing unit elastic demand.
  c. The monopolist is facing inelastic demand.
  d. The monopolist is facing perfectly elastic demand.
  e. The elasticity of demand cannot be determined with the information given.


Chelseyj.hasty

  • Sr. Member
  • ****
  • Posts: 319
Reply #1 on: Jun 30, 2018
Answer to Question 1

E

Answer to Question 2

C


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

The first oral chemotherapy drug for colon cancer was approved by FDA in 2001.

Did you know?

Approximately 25% of all reported medication errors result from some kind of name confusion.

Did you know?

Immunoglobulin injections may give short-term protection against, or reduce severity of certain diseases. They help people who have an inherited problem making their own antibodies, or those who are having certain types of cancer treatments.

Did you know?

The eye muscles are the most active muscles in the whole body. The external muscles that move the eyes are the strongest muscles in the human body for the job they have to do. They are 100 times more powerful than they need to be.

Did you know?

According to research, pregnant women tend to eat more if carrying a baby boy. Male fetuses may secrete a chemical that stimulates their mothers to step up her energy intake.

A seashell vendor in Tanzania sells to tourists seashells which have been taken from the sea alive, A seashell vendor in Tanzania sells to tourists seashells which have been taken from the sea alive,
Mixing bacterial genotypes produces rare recombinants Mixing bacterial genotypes produces rare recombinants
Dissolution of the Geosphere Produces Karst Terrain Dissolution of the Geosphere Produces Karst Terrain
Competitive inhibitor Competitive inhibitor
A farmer has 100 acres of land on which she plans to grow wheat and corn. Each acre of wheat ... A farmer has 100 acres of land on which she plans to grow wheat and corn. Each acre of wheat ...
One generation of random mating produces Hardy–Weinberg equilibrium One generation of random mating produces Hardy–Weinberg equilibrium
Video: Insulin (glucose uptake by body cells), glycogenesis and lipogenesis

For a complete list of videos, visit our video library