Posted by natalie on .
Can someone assist me with these two questions. Thanks
A perfectly competitive firm's demand is ____________ elastic and equal to ____________ which is equal to ____________.
A firm is allocating 16 hours a day on its assembly line to producing goods A and B, 12 hours to A and 8 to B. The marginal product of the facility for A is 50 and for B is 40. The marginal revenue of A is $20 and the marginal revenue of B is $30.a. The firm should allocate more time to ______ and less to ______.
b. If the firm allocates 13 hours to A and 7 to B, revenue will ______ by $______.
c. If the firm allocates 11 hours to A and 9 to B, revenue will ______ by $______.