TR
$600
FC
$200
TC
$860
Assuming the Big Joe Inc. stays open, its best choice of output and price result in the cost and revenue numbers given in the table above. Given the information, the Big Joe should
a. stay open in the long run, but plan to close in the short run ---Wrong Answer
b. close immediately
c. uncertain
d. stay open in the short run, but plan to close in the long run
e. stay open in the short run and in the long run
Which of the following goods will have the most elastic demand at any time?
a. Jack Daniels
b. whiskey
c. wine --- Wrong Answer
d. alcoholic beverages
e. beer
A ticket to a No Doubt concert costs $35. If you have a ticket, you can âscalpâ it (sell it illegally) for $100. To a ticket holder, the opportunity cost of a actually attending the concert is
a. $115
b .$135 --- Wrong Answer
c .$45
d. $35
e. $100
TR | $600 |
FC | $200 |
TC | $860 |
Assuming the Big Joe Inc. stays open, its best choice of output and price result in the cost and revenue numbers given in the table above. Given the information, the Big Joe should
a. stay open in the long run, but plan to close in the short run ---Wrong Answer
b. close immediately
c. uncertain
d. stay open in the short run, but plan to close in the long run
e. stay open in the short run and in the long run
Which of the following goods will have the most elastic demand at any time?
a. Jack Daniels
b. whiskey
c. wine --- Wrong Answer
d. alcoholic beverages
e. beer
A ticket to a No Doubt concert costs $35. If you have a ticket, you can âscalpâ it (sell it illegally) for $100. To a ticket holder, the opportunity cost of a actually attending the concert is
a. $115
b .$135 --- Wrong Answer
c .$45
d. $35
e. $100
For unlimited access to Homework Help, a Homework+ subscription is required.