Question 14 If the price elasticity of demand is 0.15, and the price is doubled, this will lead to a a. 30 percent incre

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Question 14 If The Price Elasticity Of Demand Is 0 15 And The Price Is Doubled This Will Lead To A A 30 Percent Incre 1 (34.24 KiB) Viewed 21 times

Question 14 If the price elasticity of demand is 0.15, and the price is doubled, this will lead to a a. 30 percent increase. b. 15 percent decrease. c. 0.30 percent increase. d. 0.15 percent decrease Question 15 Which of the following statements is NOT true regarding the production function and the production possibilities curve? a. Both the production function and the production possibilities curve maximise the amount of output attainable. b. The production function describes the capacity of a single firm, whereas the production possibilities summarises the output capacity of the entire economy. c. A production function tells us the maximum amount of output attainable from the use of all resources. d. The production possibilities curve expresses the ability to produce various combinations of goods given the use of all resources. Question 16 The average physical product of four units of labour in Figure 1.4 Figure 1.4 fonies por de)' wing 12 a. 40 units per day b. 10 units per day c. 12 units per day d. 4 units per day Laborbe Ewerkers per day in the quantity demanded Question 17 Which of the following is always upward-sloping? a. The marginal cost curve when it is below the average total cost curve. b. The marginal cost curve when it is above the average total cost curve. c. The average fixed cost curve when it is below the marginal cost curve. d. The average total cost curve when it is above the marginal cost curve.