If a firm's total cost of production is equal to $120 when its output is 10 and its fixed costs are equal to $50, then its AVC is equal to _____ and its ATC is equal to _____.
If price rises from $80 to $90 and quantity demanded falls from 250 to 200 , then how much would elasticity be?
If bus fare increased from $.40 to $.60, and the number of riders decreased from 800 per week to 620 per week, the demand curve for bus service is?
A 20 percent increase in Mr. Smith's income resulted in an increase in his annual consumption of steak from 10 to 15 lbs. Mr. Smith's income elasticity of demand for steak is?