The percentage change in the quantity demanded of film divided by the percentage change in the price of cameras indicates
a. the price elasticity of demand for film
b. the price elasticity of demand for cameras
c. the price elasticity of supply for film
d. the price elasticity of supply for cameras
e. nothing, because the two goods fall into the broadly defined category of photographic equipment
A
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Refer to Figure 2-18. Which two arrows in the diagram depict the following transaction: Barney earns $250 for selling scissors and razors to Floyd's Barber Shop
A) J and M B) K and G C) K and M D) J and G
Riva crafts and sells hard cider as a part-time job. She can bottle and sell four cases in a week. She is considering hiring her friend Atul to help her. Atul can bottle and sell three cases per week. What is the maximum total output possible if Riva hires Atul?
a. 3 cases b. 4 cases c. 7 cases d. 11 cases
Suppose that for a particular firm the only variable input into the production process is labor and that output equals zero when no workers are hired. In addition, suppose that the average total cost when 5 units of output are produced is $30, and the marginal cost of the sixth unit of output is $60 . What is the average total cost when six units are produced?
a. $10 b. $25 c. $30 d. $35
As a firm hires more labor in the short run, the
A) level of total product stays constant. B) output per worker rises. C) extra output of an additional worker may rise at first, but eventually must fall. D) costs of production are increasing at a fixed rate per unit of output.