A firm produces a product with a fully allocated average cost equal to $20. If the price elasticity of demand for the product is -5, then the product price should be set at
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Explanation:
Which of the following correctly lists the three fundamental economic questions?
-If to produce? Why to produce? When to produce?
-If to produce? What to produce? How to produce?
-Why to produce? What to produce? How to produce?
-What to produce? How to produce? For whom to produce?
What to produce? How to produce? For whom to produce?
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