Suppose you are given the following demand data for a product.PriceQuantity Demanded$1030940850760670The price elasticity of demand (based on the midpoint formula) when price decreases from $10 to $8 is

In the above figure, if the price is $10, a profit-maximizing perfectly competitive firm will

A) produce 40 units. B) produce 25 units. C) produce 10 units. D) choose not to produce.

Refer to Figure 2-8. Suppose Vidalia is currently producing 120 dozen roses per period. How many orchids is it also producing, assuming that resources are fully utilized?

A) 20 dozen orchids B) 32 dozen orchids C) 44 dozen orchids D) 68 dozen orchids