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Is the following sentences true or false and why please give mathematical or graphical explanation when needed

Is the following sentences true or false and why (please
give mathematical or graphical explanation when needed)?

 

1 Empirical studies often indicate that the long- run
average cost curve for PC industry is J -shaped

 

2 a profit- maximizing monopolist will always choose on
output in the short run where the average total cost is less than average
revenue

 

3 Marginal Revenue is the ratio of the valve of sales to
the amount of sales

 

4 The income elasticity of demand for food is very high

Mar 17 2020 View more View Less

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