1-Walmart sells 500 packs of Organic Beef Jerky a month and earns $1,000 in sales revenue. If an increase in price leads to an increase in sales revenues to $1,300, Then the demand for Organic Beef Jerky is:

elastic.

inelastic.

unit elastic

2- If incomes of drug suppliers increase as a result of supply-sideDrug Warpolicy, we know:

the demand for heroin is inelastic.

the demand for heroin is unit-elastic.

heroin is a normal good.

3-When the production function bends over to the right as the quantity of labor increases, we know:

that marginal product of labor is zero.

that marginal product of labor is falling.

nothing about the marginal product of labor.

4-In the short run:

the production division will argue for a large sales volume.

the marketing division will always agree with the production division about the best sales volume.

the production division will argue for a limited sales volume and the marketing division will argue for a large sales volume.