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Question 5

By March 4, 2022No Comments

Question 5Indicate whether the following statement is true or false.In no more than 3 sentences fullyexplain your answer.a)If Ey 1,where Ey is the income elasticity of demand,demand is called “income elastic.b)A firm whose production function is Q L0.27K0.31R0.48,where L is labour,K is capital andR is raw materials,is exhibiting decreasing returns to scale.c)The difference between the price and the producer’s maximum willingness to accept is theproducer surplus.d)Social benefits for an artificially scarce good are maximized when price is equal to zero.

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