The short-run market demand and supply for Kente cloth are expressed as follows: Demand: ? = 40 − 0.25? Supply: ? = 5 + 0.05? Marginal cost: −20 +4? a) The short-run level of output is ___________ metres. [1] 40.00 [2] 5.05 [3] 35.30 [4] 20.00 [5] 7.71
The short-run market demand and supply for Kente cloth are expressed as follows: Demand: ? = 40 − 0.25? Supply: ? = 5 + 0.05? Marginal cost: −20 +4? a) The short-run level of output is ___________ metres. [1] 40.00 [2] 5.05 [3] 35.30 [4] 20.00 [5] 7.71
Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
14th Edition
ISBN:9781305506381
Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Chapter3: Demand Analysis
Section: Chapter Questions
Problem 1.2CE
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Question
The short-run market demand and
supply for Kente cloth are expressed as follows:
Demand: ? = 40 − 0.25?
Supply: ? = 5 + 0.05?
Marginal cost: −20 +4?
a) The short-run level of output is ___________ metres.
[1] 40.00
[2] 5.05
[3] 35.30
[4] 20.00
[5] 7.71
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