« previous next »

Author Question: Farmer Fanny sells her crops in a perfectly competitive market. If she produces 500 bushels for ... (Read 117 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?

Each year in the United States, there are approximately six million pregnancies. This means that at any one time, about 4% of women in the United States are pregnant.

Did you know?

Opium has influenced much of the world's most popular literature. The following authors were all opium users, of varying degrees: Lewis Carroll, Charles, Dickens, Arthur Conan Doyle, and Oscar Wilde.

Did you know?

More than one-third of adult Americans are obese. Diseases that kill the largest number of people annually, such as heart disease, cancer, diabetes, stroke, and hypertension, can be attributed to diet.

Did you know?

Elderly adults are at greatest risk of stroke and myocardial infarction and have the most to gain from prophylaxis. Patients ages 60 to 80 years with blood pressures above 160/90 mm Hg should benefit from antihypertensive treatment.

Did you know?

Green tea is able to stop the scent of garlic or onion from causing bad breath.

Competitive inhibition Competitive inhibition
Walter Thompson saw his assets evaporate during the stock market collapse in 1929. Desperate for ... Walter Thompson saw his assets evaporate during the stock market collapse in 1929. Desperate for ...
Reconstruction Drawing of Trajan's Market Reconstruction Drawing of Trajan's Market
Stock Market Tracks Growth in GDP Stock Market Tracks Growth in GDP
A farmer is building a new cylindrical silo that will hold 1800 cm3 of corn. Wha A farmer is building a new cylindrical silo that will hold 1800 cm3 of corn. Wha
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 ...
Video: Nucleic acid digestion -small intestine

For a complete list of videos, visit our video library