32) Kate's Great Crete (KGC) is a local monopolist of ready-mix concrete. Its annual demand function is Q = 20,000 - 400P, where P is the price, in dollars, of a cubic yard of concrete and Q is the number of cubic yards sold per year. What price does KGC charge per unit when it sells 5,000 cubic years of concrete per year? A) $12.50 B) $25.00 C) $37.50 D) $50.00 33) Kate's Great Crete (KGC) is a local monopolist of ready-mix concrete. Its annual demand function is Q = 20,000 - 400P, where P is the price, in dollars, of a cubic yard of concrete and Q is the number of cubic yards sold per year. What is the difference between price and marginal revenue when KGC sells 5,000 cubic years of concrete per year? A) $12.50 B) $25.00 C) $37.50 D) $50.00 34) The more elastic is the demand for a product A) the greater the difference between marginal revenue and price. B) the closer is marginal revenue to the price.
32) Kate's Great Crete (KGC) is a local monopolist of ready-mix concrete. Its annual demand function is Q = 20,000 - 400P, where P is the price, in dollars, of a cubic yard of concrete and Q is the number of cubic yards sold per year. What price does KGC charge per unit when it sells 5,000 cubic years of concrete per year? A) $12.50 B) $25.00 C) $37.50 D) $50.00 33) Kate's Great Crete (KGC) is a local monopolist of ready-mix concrete. Its annual demand function is Q = 20,000 - 400P, where P is the price, in dollars, of a cubic yard of concrete and Q is the number of cubic yards sold per year. What is the difference between price and marginal revenue when KGC sells 5,000 cubic years of concrete per year? A) $12.50 B) $25.00 C) $37.50 D) $50.00 34) The more elastic is the demand for a product A) the greater the difference between marginal revenue and price. B) the closer is marginal revenue to the price.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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