If the elasticity of supply of TV sets is equal to 3, then a 10 percent increase in the price of a TV will
A) increase the quantity supplied by 3.33 percent.
B) increase the quantity supplied by 30.0 percent.
C) increase the quantity supplied by 0.33 percent.
D) decrease the quantity supplied by 30.0 percent.
B
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When the Fed ________ the federal funds rate, the opportunity cost of firms' investment ________ and so the quantity of investment ________
A) increases; falls; increases B) decreases; falls; decreases C) increases; rises; decreases D) decreases; rises; decreases E) increases; rises; increases
The above table shows the total product schedule for Hair Today, a hair styling salon
a) What is the first worker's marginal product? The second worker? The third worker? The fourth worker? The fifth worker? b) Over what range of workers is there increasing marginal returns? Over what range is there decreasing marginal returns?