If the price of capital is $24, the price of labor is $15, and the marginal product of capital is 16, the least costly combination of capital and labor requires that the marginal product of labor be ________

Restaurants catering to both a lunch and dinner trade are likely to mark their prices up above the cost of the food more for dinner than for lunch because

A) the demand is greater at dinner. B) the demand is less at dinner. C) the demand is less elastic at dinner. D) the demand is more elastic at dinner.

You are given the following market data for apples

Demand is represented by: P = 12 - 0.01Q Supply is represented by: P = 0.02Q where P= price per bushel, and Q=quantity. a. Calculate the equilibrium price and quantity. b. Suppose the government guaranteed producers a price of $10 per bushel. What would be the effect on quantity supplied? Provide a numerical value. c. By how much would the $10 price change the quantity of apples demanded? Provide a numerical value. d. Would there be a shortage or surplus of apples? e. What is the size of this shortage or surplus? Provide a numerical value.