4. Suppose P4 is $10, P5 is $15, Q4 is 8 units, and Q5 is 10 units....
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4. Suppose P4 is $10, P5 is $15, Q4 is 8 units, and Q5 is 10 units.
This firm’s:
a. supply curve is elastic over the Q4–Q5 range of output.
b. supply curve is inelastic over the Q4–Q5 range of output.
c. total revenue will decline if price rises from P4 to P5.
d. marginal-cost curve will shift downward if price falls from P5 to P4.
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Related Book For 
Economics Principles Problems And Policies
ISBN: 9780073511443
19th Edition
Authors: Campbell Mcconnell ,Stanley Brue ,Sean Flynn
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