History Bookmarks People Tab Window Help MOX ) 8% Sun X Quiz: 2020W1 - COMM 295 - 1. X G how to get elasticity from dem x G Google X Post Attendee - Z courses/53292/quizzes/268133/take m If B is a normal good, then it is not possible to know if A and B are substitutes or complements. If A and B are complements, then B must be inferior. Question 4 2 pts Suppose COVID-19 caused the demand for at-home baking supplies (e.g., yeast) to shift from QD = 160 - 20P to QD = 200 - 20P, and the short-run supply of at-home baking supplies to shift from Qs = 120 to Qs = 80. At the equilibrium price and quantity, the demand for baking supplies was: Inelastic before COVID-19, and is elastic after COVID-19. O Elastic before COVID-19, and is elastic after COVID-19. O Elastic before COVID-19, and is inelastic after COVID-19. O Inelastic before COVID-19, and is inelastic after COVID-19. D Question 5 2 pts The diagram below shows a production function for craft beer where X is a measure of labour hours and Q is liters of beer produced. Identify the correct statement. Q Production Function uizzes/268133/take# MacBook Pro C Q Search Search $ % 3 4 6 8 O E R T Y U O P D F G H J Kory Bookmarks People Tab Window Help E M O $ 7 ) 78% X Me Quiz: 2020W1 - COMM 295 - 1 X G Marginal product and average x G chegg Jenn is considering inve x Post 53292/quizzes/268133/take There is diminishing marginal product for all values of X. A parallel upward shift in the production function would not change average product for all values of X. O Marginal product is positive for all X. Marginal product and average product are equal for X s X. Question 6 2 pts Jenn is considering investing $60,000 to build a microbrewery, which will produce 100,000 liters of beer over its one-year life with a variable operating cost of $0.40/liter. The resale value of the brewery after it is built is $15,000. Jenn has chosen to give up her job which pays $40,000 per year in order to manage the brewery, rather than paying her friend Megan $30,000 per year to manage the brewery. In this problem, break-even pricing refers to the price of beer that results in zero economic profit. Which statement is correct? The sunk cost associated with this investment is $15,000. There is no connection between the brewery's fixed operating cost and its opportunity cost. Prior to investing, the break-even price of beer is $1.0/liter. Prior to investing, the break-even price of beer is $1.40/liter. D Question 7 2 pts The table below shows the results from regressing annual sales (Y variable) on the number of MacBook Pro C Q Search Search + % & EK 3 4 5 6 8 9 O E R T Y U O P D F G H C K L
