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Author Question: Suppose the long-run cost function is C = 2q2. What is the cost-output elasticity for this case? ... (Read 67 times)

KWilfred

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on: Jul 1, 2018
Suppose the long-run cost function is C = 2q2. What is the cost-output elasticity for this case?
 
  A) 1
  B) 2
  C) 1/2
  D) 4

Question 2

Jon's income-consumption curve is a straight line from the origin with a positive slope. Now suppose that Jon's preferences change such that his income-consumption curve remains a straight line but rotates 15 degrees clockwise.
 
  Jon's demand curve for the good on the horizontal axis A) will shift left.
  B) will shift right.
  C) will not change.
  D) might do any of the above.


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bhavsar

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Reply #1 on: Jul 1, 2018
Answer to Question 1

B

Answer to Question 2

B


KWilfred

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Reply #2 on: Jul 1, 2018
Thank you :)


bhavsar

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Reply #3 on: Jul 1, 2018
Happy to help you


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