If the elasticity of supply of a good is equal to 0.62, then we can say that the supply curve for the good is:
a. elastic
b. inelastic.
c. perfectly elastic.
d. perfectly inelastic.
b
Economics
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A small firm in Indonesia has the following estimated production function: ln(q) = 10 + 2.6ln(L) - 0.4(ln(L))2 Derive the firm's marginal and average product of labor as functions of q and L
What is the elasticity of output with respect to labor?
Economics
When bidders values of an item in an auction are correlated, buyers of an item will ________ their bids and sellers will ________ their bids to avoid the winner's curse.
A) raise; raise B) raise; lower C) lower; lower D) lower; raise
Economics
Statistical Murder
What will be an ideal response?
Economics
What is the expenditure multiplier that underlies the changes in this graph?
a. 0.25
b. 0.40
c. 1.33
d. 4.00
Economics