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Question
Table 6-7| Price | Quantity Demanded | Quantity Supplied |
| $6 | 5,000 | 2,000 |
| 7 | 4,000 | 2,000 |
| 8 | 3,000 | 2,000 |
| 9 | 2,000 | 2,000 |
| 10 | 1,000 | 2,000 |
The town of Bloomfield is well known for its basketball team. The price of basketball game tickets is determined by market forces. Table 6-7 above shows the demand and supply schedules for basketball games tickets.
Refer to Table 6-7. What is the numerical value of the price elasticity of supply?
A) 1
B) greater than 0 but less than 1
C) 0
D) greater than 1
Answer
This answer is hidden. It contains 1 characters.
Related questions
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Suppose two countries use different combinations of inputs, such as labor and capital, to produce the same product. This implies all of the following except that
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B) the relative input prices.
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The typical shape of an isoquant is
A) convex towards the origin.
B) concave towards the origin.
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D) linear and upward sloping.
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A) the level of sales necessary for a firm if it wants to expand.
B) the level of long-run average cost at different scales of operation.
C) the least-cost combination of inputs for each level of output.
D) the returns to scale at each level of output.
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Maximizing the level of output for a given total cost of production
A) is equivalent to producing the profit maximizing output level.
B) is equivalent to minimizing cost for a given level of output.
C) necessitates using only relatively low-priced inputs.
D) will maximize total revenue.
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Which of the following would be categorized as an opportunity cost?
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b. the cost of purchasing supplies for your house-cleaning business
c. the cost of purchasing auto insurance for your dry-cleaning delivery business
A) a only
B) a and c only
C) b and c only
D) all of the above