Which of the following variables do you need to know to calculate marginal cost?
i. change in total cost
ii. marginal product of labor
iii. change in quantity of labor used
iv. change in output
A) i and ii
B) i and iv
C) ii and iv
D) i, iii, and iv
E) Only ii
B
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The cost of producing each bottle of a certain brand of shampoo is $0.25. If the market for shampoo is monopolistically competitive and demand for shampoo is inelastic, a manufacturer who charges $0.35 for each bottle will ________
A) shut down production in the short run B) exit the industry in the long run C) earn an economic profit of $0.10 per bottle D) earn a total revenue of $0.10 per bottle
Suppose that the quantity of staplers demanded falls from 10,000 per week to 8500 . Use the midpoint formula to calculate the percentage change in quantity demanded
What will be an ideal response?