Liberty University ECON 213 Problem Set 3 complete Answers | Rated A+
Price of crackers
Quantity Demanded (per month)
Now, assume the price of graham crackers is $2.75. Should firms raise or lower their prices if they want to increase revenue? Explain this in terms of elasticity.
Profit-maximizing output: ___________
In the long run, the price falls to $7.50. Why does this happen?
What is the new profit-maximizing output? ___________
Units of Labor
a.) Calculate marginal productivity (MP) and put this in the table.
b.) At what level of employment does diminishing marginal productivity begin?
c.) At what level of employment does marginal productivity become negative?
d.) Why does marginal product become negative?
Category: Economics, General Economics
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