Suppose a firm uses both labor (L) and capital (K) and its long-run production function is given by the expression Q = F(L,K) = L2 × ?(L + 2K). The firm currently uses 100 units of capital. Assuming labor is finely divisible, graph the firm's short-run production function for the first five workers.

If a 1% change in the price of a good causes a 1% change in the quantity demanded, the good has an elasticity of demand:

A) equal to 0. B) less than 1. C) equal to 1. D) greater than 1.

Refer to Table 13-4. Victoria's profit-maximizing quantity sold (Q) and price (P) are

A) Q = 4; P = $6. B) Q = 5; P = $5. C) Q = 6; P = $4. D) Q = 3; P = $7.