Econ test 2 and 3 - Microsoft products(computer software...

Microsoft products (computer software) and Intel
microchips (computer hardware) are likely to have a cross-
price elasticity of demand that is
Negative
Graphically, total cost can be found by,
The rectangle formed under the average-total-cost curve at
a given ATC and quantity combination.
The law of diminishing marginal returns is,
A physical law, but is important to economics
Suppose that four workers can harvest 20 bushels of corn
on an acre of land per day, while five workers can harvest
25 bushels. Then
The marginal physical product of the fifth worker is 5 and
the average physical product of five workers is 5.
When the price of good X is $8 per unit, 1,250 unites are
sold per week. When the price of good X is $6 per unit,
1,750 units are sold per week. What is the coefficient of the
own-price elasticity of demand for good X over this price
range?
-7/6
If the price elasticity of demand, ed, is equal to -2, then a
20 percent increase in quantity demanded would result
from a
10 percent decrease in price