The demand curve shown in the figure above is ________ over the price range from $95 to $105 per tri
A) perfectly elastic
B) perfectly inelastic
C) unit elastic
D) elastic but not perfectly elastic
E) inelastic but not perfectly inelastic
C
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If doubling the quantity of inputs more than doubles the quantity of outputs, the firm is experiencing
a. increasing returns to scale. b. decreasing returns to scale. c. constant returns to scale. d. increasing costs per unit of output.
You are the manager of a gas station and your goal is to maximize profits. Based on your past experience, the elasticity of demand by Ohioans for a car wash is ?3, while the elasticity of demand by non-Ohioans for a car wash is ?1.5. If you charge Ohioans $9 for a car wash, how much should you charge a man with a Kentucky license plate for a car wash?
A. $9 B. $15 C. $18 D. $6