28. True or false? Because there are few substitutes for insulin, we expect the

Question

28. True or false? Because there are few substitutes for insulin, we expect the price elasticity of demand for insulin to be fairly elastic.
32. True or false? The demand for drugs by an addict is more elastic than demanded for a potential addict
33. True or false? If consumers have a long time period in which they can shop for a good, then the demand for that good will be more elastic than if they had only a short time to shop.
35. The formula for the price elasticity of demand is the A. Percentage change in price divided by the percentage change in total revenue B. Percentage change in price divided by the percentage change in quantity demanded C. Percentage change in quantity demanded divided by the percentage change in price D. Unit change in price times the unit change in quantity demanded E. Change in price divided by the absolute change in quantity demanded
36. True or false? Oftentimes last minute deals can be found because firms follow the MC=MR Rule.
39. If the total cost of producing 6 units is $228 and the total cost of producing 7 units is $245, what is the marginal cost of producing the seventh unit? A. $3 B. $245 C. $38 D. $35 E. $17
28. True or false? Because there are few substitutes for insulin, we expect the price elasticity of demand for insulin to be fairly elastic.
32. True or false? The demand for drugs by an addict is more elastic than demanded for a potential addict
33. True or false? If consumers have a long time period in which they can shop for a good, then the demand for that good will be more elastic than if they had only a short time to shop.
35. The formula for the price elasticity of demand is the A. Percentage change in price divided by the percentage change in total revenue B. Percentage change in price divided by the percentage change in quantity demanded C. Percentage change in quantity demanded divided by the percentage change in price D. Unit change in price times the unit change in quantity demanded E. Change in price divided by the absolute change in quantity demanded
36. True or false? Oftentimes last minute deals can be found because firms follow the MC=MR Rule.
39. If the total cost of producing 6 units is $228 and the total cost of producing 7 units is $245, what is the marginal cost of producing the seventh unit? A. $3 B. $245 C. $38 D. $35 E. $17

32. True or false? The demand for drugs by an addict is more elastic than demanded for a potential addict
33. True or false? If consumers have a long time period in which they can shop for a good, then the demand for that good will be more elastic than if they had only a short time to shop.
35. The formula for the price elasticity of demand is the A. Percentage change in price divided by the percentage change in total revenue B. Percentage change in price divided by the percentage change in quantity demanded C. Percentage change in quantity demanded divided by the percentage change in price D. Unit change in price times the unit change in quantity demanded E. Change in price divided by the absolute change in quantity demanded
36. True or false? Oftentimes last minute deals can be found because firms follow the MC=MR Rule.
39. If the total cost of producing 6 units is $228 and the total cost of producing 7 units is $245, what is the marginal cost of producing the seventh unit? A. $3 B. $245 C. $38 D. $35 E. $17


A. Percentage change in price divided by the percentage change in total revenue B. Percentage change in price divided by the percentage change in quantity demanded C. Percentage change in quantity demanded divided by the percentage change in price D. Unit change in price times the unit change in quantity demanded E. Change in price divided by the absolute change in quantity demanded
36. True or false? Oftentimes last minute deals can be found because firms follow the MC=MR Rule.
A. $3 B. $245 C. $38 D. $35 E. $17

Explanation / Answer

28. True

32. False

33. True

35. Percentage change in quantity demanded divided by the percentage change in price

36. True

39. $17 ($245-&228)

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