If elasticity of demand - - 3 and price RISES 2 %. Quantity demanded will: A pro

Question

If elasticity of demand - - 3 and price RISES 2 %. Quantity demanded will: A production function shows: (A) the quantity of output the firm can produce with different quantities of inputs (B)how much profit a firm can make (C) what it will costs to produce different levels of output (D) all of these If there are many dose substitutes for a good, the demand for this good will be: In the long run: (A) total fixed costs equals 2x10 (B) total variable costs In the short run. as the (inn uses the same plant to produce an output larger than the maximum technical efficiency output:(A) Avenge Fixed Cost rises What KIND of firm is firm A ?... If the price is SI SO. firm A should produce Q=. If firm A produces the output in question they will earn profits equal to: Is firm A likely to be able to continue making these profits in the Long RUN ? What is the maximum technical efficiency output level for firm (A) ? Q= At which output level does firm (A) have the lowest average fixed cost ? Q = What KIND of firm is firm (B) ? What is the profit maximizing output level for firm (B) ?Q ". What price should firm (B) charge to sell the profit maximizing output ? How much profit am firm (B) make if they sell the Q from question (27) at the

Explanation / Answer

15. Fall 6 %

16. OPTION NUMBER A is correct.

17.elastic

18.total fixed cost is equal to zero.

19.total fixed cost falls.

20. A perfectely competitive firm

21.100

22.100 * 150 - 20 *100 = 13000

23.NO the firm will not be able to produce supernormal profits in the long run because price will fall down due to entry of many firms.

24.150

25.100.

26.Monopoly.

27.50.

28.12

29. (12 *50 - 2 *12) = 576.

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