Many younger people eat peanut butter AND jelly, whereas many older people eat peanut butter OR jelly. This suggests that the cross elasticity of demand between peanut butter and jelly is
A) negative for youngsters and positive for oldsters.
B) positive for youngsters and negative for oldsters.
C) negative for youngsters and zero for oldsters.
D) positive for youngsters and zero for oldsters.
A
Economics
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If marginal cost of growing wheat, MC, just reaches $4 per bushel and if the expected price of wheat Pis $4, a farmer
A. should produce at that exact level at which MC= P and if AVC< MC. B. should check her/his average variable cost to see if P covers AVC. C. should stop producing if AVC> 4. D. All of the above.
Economics
Why does the profit-maximizing level of production occur at the point where marginal revenue equals marginal cost?
What will be an ideal response?
Economics