(1) Suppose that the price of product A falls from $20 to $15 In response, the quantity demanded of A increases from 100 to 120 units The quantity demanded for product B increases from 200 to 300 Calculate the arc cross elasticity between Product B and Product A Is B a substitute or complement for A? Explain Does Product A follow the “law of demand’? Explain
(2) Suppose that you can sell as much of a product as you want at $100 per unit You marginal cost is MC = 2Q Your fixed cost is$50 What is the optimal output level? What is the optimal output, if your fixed cost is $60?
(3) Suppose that the marginal product of labor is: MP = 100 – L, where L is the number of workers hired You can sell the product in the marketplace for $50 per unit, and the wage rate for labor is $100 How many workers should you hire?
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