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23 Feb 2019
If a 10 percent increase in the price of good Y brings forth a 25 percent increase in the quantity demanded for good X, then the cross-price elasticity of demand is equal to ____, and good Y and good X are ____.
Select one:
a. 2.5; substitutes
b. 0.4; substitutes
c. unit-elastic; not related
d. 0.4; complements
e. 2.5; complements
Figure 28-7
Labor
Total Product
0
0
1
3
2
18
3
43
4
55
In Figure 28-7, assume that the resource and output markets are perfectly competitive. If the wage rate is $60 per unit of labor and the output price is $5 a unit, the MRP of the third laborer is
Select one:
a. $5.
b. $125.
c. 25 units.
d. 43 units.
e. $215.
If a 10 percent increase in the price of good Y brings forth a 25 percent increase in the quantity demanded for good X, then the cross-price elasticity of demand is equal to ____, and good Y and good X are ____.
Select one:
a. 2.5; substitutes
b. 0.4; substitutes
c. unit-elastic; not related
d. 0.4; complements
e. 2.5; complements
Figure 28-7
| Labor | Total Product |
| 0 | 0 |
| 1 | 3 |
| 2 | 18 |
| 3 | 43 |
| 4 | 55 |
In Figure 28-7, assume that the resource and output markets are perfectly competitive. If the wage rate is $60 per unit of labor and the output price is $5 a unit, the MRP of the third laborer is
Select one:
a. $5.
b. $125.
c. 25 units.
d. 43 units.
e. $215.
Trinidad TremblayLv2
24 Feb 2019
