Question : Question
The answers area) Dont know answerb) : 5575
Question
The answers area) Dont know answerb) Falsec) Trued) True
Need full explanations for each answer
Complete ezplanation is reguired for every answer, show your work just stat- ing True or False won't get you full points a.If the price elasticity of demand for a good is 1, then doubling the price of that good will leave total expenditures on that good unchanged? b. If the demand curve is a downward-sloping straight line, then the price elas- ticity of demand is constant all along the demand curve. c.A good is a luxury good if the income elasticity of demand for it is greater than 1? d.If the short-run marginal costs of producing a good are 20 for the first 400 units and 30 for each additional unit beyond 400, then in the short run, if the market price of output is 21, a profit-maximizing firm will exactly produce 100 units?
