An item has utility for a consumer if it
A) generates enjoyment or satisfaction. B) is scarce.
C) is something everyone else wants. D) has a high price.
A
Economics
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If a revenue-maximizing firm is told that the price elasticity of demand is equal to one, it should:
a. raise prices 1 percent. b. lower prices 1 percent. c. raise prices until the elasticity becomes very high. d. keep the price where it is. e. lower prices until the elasticity becomes very high.
Economics
If the total cost function is TC = 10Q3 - 50Q2 + 1000Q + 500, what is the equation for AFC?
What will be an ideal response?
Economics