Indicate whether each of the following statements is true, false, or uncertain and explain your answer....

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Indicate whether each of the following statements is true, false, or uncertain and explain your answer....

Indicate whether each of the following statements is true, false, or uncertain and explain your answer. Be sure to clearly define any concepts included in your answer and label all graphs.

Suppose that inverse market demand for Firm A sweatshirts is P= 200 – 2Q^D and inverse market supply for these sweatshirts is given by P = 7.5 + ½Q^S. The economic incidence of a tax on Firm A sweatshirts will fall more on consumers than on producers.
Dan’s Deli only has two inputs: workers (L) and automatic meat slicers (S). Dan’s production function is q = LS. Workers cost $40/day and meat slicers cost $60/day. To minimize the cost of producing 6,400 units of output, Dan should hire 80 workers and 80 meat slicers. You must include graphical analysis in your answer to this problem.

business economics

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Answer 1

Answer #1

D P = 7.5+%29 # 2 P = 200-29 Demand elasticity, 200 P. ele 46 ) OM = 200-7.5 7.5 9 77 and At equm 200-2012 7:5+20S 29+%29 2

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Answer 2

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