question archive 1)A monopolist has constant marginal cost of $10/unit and sells its output at a price of $12
1)A monopolist has constant marginal cost of $10/unit and sells its output at a price of $12
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1)A monopolist has constant marginal cost of $10/unit and sells its output at a price of $12.50/unit. What is the elasticity of demand being faced by this firm?
2)The CEO of a large company believes that if he raises wages for his workers by 5%, this will lead to a smaller-than-5% increase in worker hours. In other words, the CEO believes that wage elasticity of labour supply at his company is _____
a. negative
b. inelastic
c. unit elastic
d. elastic
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