Which of the following is not a source of economies of scale?
a. Division and specialization of labor.
b. Increase in output.
c. More efficient use of capital.
d. All of the above.
e. Centralized marketing.
d
Economics
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An owner of a local salon realized that by decreasing the prices that she charges for haircuts, her revenue has increased. This implies that
a. The demand for her haircuts is elastic b. The demand for her haircuts is inelastic c. The demand for her haircuts is unitary elastic d. The demand for her haircuts is perfectly inelastic
Economics
Demand for a product is given by Q = 200 - P and supply is given by Q = 0.5P - 10. If the quantity demanded rises by 10 units at every possible price, then the equilibrium quantity will be
a. 40 units b. 50 units c. 60 units d. 100 units
Economics