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August 23, 2014

Homework Help: economics

Posted by natalie on Wednesday, September 3, 2008 at 8:33pm.

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 $______.

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