question 1

As the women's soccer coach, Karissa was in charge of choosing and ordering uniforms. Since the knee socks and shin guards had a unique matching logo, Karissa only ordered from one particular company. When she ordered them three years ago, the knee socks were $5 per pair, and the shin guards were $7 per pair. Karissa ordered 15 pairs of knee socks and 15 pairs of shin guards. Now the price of the shin guards hasn't changed, but knee socks were $7 per pair. Karissa decided she would only buy 10 pairs of shin guards this year. Using the mid-point formula, the cross-price elasticity for the shin guards isO 2 O -0.83 O -1.2 O 1.25Which of the following is true about the long run average cost curve? The long run average cost curve is shaped like a bell and O rises because of economies of scale while falling because of diseconomies. The long run average cost curve cannot be equal to or lie 0 below any short run average cost curve because in the short run all factors of production can be variable. The long run average cost curve can be found as the MC from above the shut down point onward. The long run average cost curve is comprised of all the lowest points of each of the short run average cost curves because no firm will operate at a level of higher per-unit costs in the long run than in the short run. If the variable costs for a firm are $40,000, the fixed costs are $20,000, and the firm sells 100 units, what are the firm's average total costs? 0 $60,000 0 $20,000 0 $400 0 $600