【題目】：A profit-maximizing firm in a competitive market is able to sell its product for $7. At its current level of output, the firm’s average total cost is $10. The firm’s marginal cost curve crosses its marginal revenue curve at an output level of 9 units. The firm experiences a 【答案】：l ...
題目：A freeze that destroys half of the water lily crop in Tainan would likely raise the price of water lily. 答案：reducing the quantity demanded for water lily and increasing the demand for tea
【題目】：Levi’s jeans sell for $100 a pair. Suppose at the profit maximizing quantity, Levi’s average total cost was $110 and Average variable cost was $55, which statement is true? 【答案】：Levi’s will produce in the short run but go out of business in the long run
【題目】 In the short run the magnitude of the own price elasticity of demand for ice cream: is lower than in the long run. is the same as in the long run. is higher than in the long run. does not depend on the fact that ice cream c ...
【題目】：The price elasticity of demand for cigarettes is 0.4. If government wants to reduce smoking by 10 percent, by how much should it raise the price of cigarettes by imposing a tax? 【答案】： by 25 percent
題目：Suppose the demand for gourmet coffee can be represented by a linear demand curve. When income rises cause the demand curve for gourmet coffee shift to the right parallelly: 答案：becomes less elastic at the price that prevailed before the change in income
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