If the marginal cost of production is $10, the elasticity of demand for group 1 is -1.5, the elasticity of demand for group 2 is -2.5, and the price paid by group 1 is $15, the price for group 2 is
A) $8.33.
B) $27.
C) $15.
D) Impossible to tell.
A
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The tragedy of the commons is a widely used model often referred to in discussions about
a. space and ocean exploration. b. lack of scientific research. c. air and water pollution. d. shared natural resources.
A firm has an Actual margin of 0.60 and charges a price of $75. The firm’s marginal cost is:
? $25 B. $125. ? $45 D $30
Monopoly is characterized by
A. a horizontal demand curve. B. many close substitutes. C. no barriers to entry. D. a downward sloping demand curve.
The slope of a line is the
A) change in the values along the x-axis divided by the change in the values along the y-axis. B) values on the x-axis divided by the values on the y-axis. C) change in the values along the y-axis divided by the change in the values along the x-axis. D) values on the y-axis divided by the values on the x-axis.