The Price of a Certain Commodity in Dollars Per Unit

question 117

Multiple Choice

The price of a certain commodity in dollars per unit at time t (measured in weeks) is given by . How fast is the price of the commodity changing at ?

• A)Increasing at the rate of $19/wk.
• B)Decreasing at the rate of $19/wk.
• C)Increasing at the rate of $14/wk.
• D)Decreasing at the rate of $14/wk.
• E)Increasing at the rate of $5/wk.

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Definitions:

Nondiscriminating Monopolist

A monopolist who charges all consumers the same price for its product or service, regardless of demand differences.

Marginal Revenue

The additional income that an organization receives from selling one more unit of a good or service.

Output

The total amount of goods or services produced by a company, industry, or economy over a certain period.

Elastic Range

The segment of a demand curve where any change in price leads to a more than proportionate change in the quantity demanded.