For which of the following would the supply likely be most inelastic?
A) aircraft carrier
B) canned soup
C) toy airplane
D) t-shirt
E) bottled water
A
You might also like to view...
According to this Application, what is home equity?
A) the difference between the value of homes and the amount of mortgage debt on the property B) the value of homes less the value of the property on which the homes are sitting C) the value of homes plus the value of the content in the homes D) the average retail value of homes listed for sale
Suppose that for a particular firm the only variable input into the production process is labor and that output equals zero when no workers are hired. In addition, suppose that when the firm hires 4 workers, the firm produces 50 units of output. If the fixed cost of production is $4, the variable cost per unit of labor is $20, and the marginal product of labor for the fifth unit of labor is 2,
what is the average total cost of production when the firm hires 5 workers? a. $2.00 b. $20.00 c. $20.80 d. $22.80