1. The demand for a product is more elastic the
A. more broadly defined the product.
B. higher the price of the product is.
C. less substitutes available for that product.
D. smaller the share of a consumer's income the item represents.
E. none of the above.
2. If output is produced according to Q = 5Lk (L is the quantity of labor and k is the quantity of capital), the price of K is $12, and the price of L is $6, then the cost minimizing combination of K and L capable of producing 4,000 units of output is
A. L = 25 and k = 32.
B. L = 30 and k = 26.67.
C. L = 10 and k = 80.
D. L = 20 and k = 40.
E. L = 40 and k = 20.
3. A firm has a division which produces chemical Y, whose average total costs are
ATC = 50 + 2Q (where Q is the quantity of Y), and a marketing division which adds its own average total costs of ATC = 20 + 3Q. There is no external market price of Y. The transfer price of Y should be
C. $50 + 4Q.
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