Answer first 3 questions 2.1.The law of demand states that the higher the price of a good, the higher the quantitydemanded (ceteris paribus).In the short run, a firm can expand output only by increasing the quantity of its fixedinputs.2.2.2.3.The law of marginal production states that the scarcer a good becomes, the smaller itssubstitution value will be. (or else the statement is true)2.4.Third-degree price discrimination (sometimes also called discrimination among units)occurs when each consumer is charged the maximum price he or she is prepared topay for each unit of the product.If producers are faced with an inelastic demand for their product, they can increasetheir total revenue by lowering the price of the product.2.5.

2.1) The law of demand states that the higher the price of a price changes the quantity demanded…

2.1. The law of demand states that the higher the price of a good, the higher the quantity demanded (ceteris paribus). In the short run, a firm can expand output only by increasing the quantity of its fixed inputs. 2.2. 2.3. The law of marginal production states that the scarcer a good becomes, the smaller its substitution value will be. (or else the statement is true)

2.1. The law of demand states that the higher the price of a good, the higher the quantity demanded (ceteris paribus). In the short run, a firm can expand output only by increasing the quantity of its fixed inputs. 2.2. 2.3. The law of marginal production states that the scarcer a good becomes, the smaller its substitution value will be. (or else the statement is true)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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