This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: The Lerner Index is A) the ratio of the difference between price and marginal cost to price. B) ... (Read 149 times)

wenmo

  • Hero Member
  • *****
  • Posts: 540
on: Jul 1, 2018
The Lerner Index is
 
  A) the ratio of the difference between price and marginal cost to price.
  B) equal to (Price - MC)/Price.
  C) a measure of market power.
  D) All of the above.

Question 2

In a competitive market where the elasticity of the market demand curve is -1.5, the number of firms is 20, and an individual firm faces a residual demand curve with an elasticity of -68. What is the elasticity of the supply curve?
 
  A) 0.5
  B) 1.2
  C) 2
  D) Cannot be determined.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

enass

  • Sr. Member
  • ****
  • Posts: 380
Reply #1 on: Jul 1, 2018
Answer to Question 1

D

Answer to Question 2

C


wenmo

  • Member
  • Posts: 540
Reply 2 on: Jul 1, 2018
Thanks for the timely response, appreciate it

meganmoser117

  • Member
  • Posts: 303
Reply 3 on: Yesterday
Excellent

« previous next »
 

Did you know?

For pediatric patients, intravenous fluids are the most commonly cited products involved in medication errors that are reported to the USP.

Did you know?

Hyperthyroidism leads to an increased rate of metabolism and affects about 1% of women but only 0.1% of men. For most people, this increased metabolic rate causes the thyroid gland to become enlarged (known as a goiter).

Did you know?

Limit intake of red meat and dairy products made with whole milk. Choose skim milk, low-fat or fat-free dairy products. Limit fried food. Use healthy oils when cooking.

Did you know?

The oldest recorded age was 122. Madame Jeanne Calment was born in France in 1875 and died in 1997. She was a vegetarian and loved olive oil, port wine, and chocolate.

Did you know?

The top five reasons that children stay home from school are as follows: colds, stomach flu (gastroenteritis), ear infection (otitis media), pink eye (conjunctivitis), and sore throat.

The difference between mieosis and mitoses The difference between mieosis and mitoses
The Increasing Cost of Health Care, 1960–2010 The Increasing Cost of Health Care, 1960–2010
Wheat and Cotton Prices and Consumer Price Indexes, 1865–1896 Wheat and Cotton Prices and Consumer Price Indexes, 1865–1896
Interpret CPT Index Conventions Interpret CPT Index Conventions
Resting Membrane Potential: Voltage Difference Resting Membrane Potential: Voltage Difference
"The Department of Agriculture came out today with its prediction for food price "The Department of Agriculture came out today with its prediction for food price
Video: Osmosis - water transport

For a complete list of videos, visit our video library