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ECO 365 Week 3 Practice: Elasticity and Consumer Choice Quiz

ECO 365 Week 3 Practice: Elasticity and Consumer Choice Quiz PLDZ-9462 Free
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ECO 365 Week 3 Practice: Elasticity and Consumer Choice Quiz

Complete the Week 3 Elasticity and Consumer Choice Quiz in McGraw-Hill Connect®. These are randomized questions. 

Note: You have unlimited attempts available to complete practice assignments. The highest scored attempt will be recorded. These assignments have earlier due dates, so plan accordingly. Grades must be transferred manually to eCampus by your instructor. Don't worry, this might happen after the due date.

 

Which of the following scenarios would lead to a decrease in the demand for labor at Stephanie’s earring shop?

 

Labor productivity increases. 

The cost of capital (a substitute for labor) decreases.

The price of earrings increases.

The wage rate increases.

 

 

 

 

Which of the following scenarios would lead to an increase in the demand for mixers at Henry’s bread bakery?

 

The market price of mixers decreases.

The productivity of mixers decreases.

The wage rate of labor (a substitute for capital) decreases.

The market price of bread increases.

 

 

 

Henry bakes loaves of bread, which he sells for $4 each. He is considering purchasing additional mixers (capital) for his bakery. Each additional mixer has the productivity described below. Fill in the “Marginal Product,” “Total Revenue,” and “Marginal Revenue Product” columns. Assume this is a perfectly competitive market.

 

Instructions: Enter your answers as a whole number.

ECO 365 Entire Course https://uopcourses.com/category/eco-365/ ECO 365 Week 3 Practice: Elasticity and Consumer Choice Quiz Complete the Week 3 Elasticity and Consumer Choice Quiz in McGraw-Hill Connect®. These are randomized questions.
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