1. Explain the relationship between the price elasticity of demand and total revenue.
2. Is the price elasticity of gasoline more elastic over a shorter or a longer period of time? Explain.
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Get Help Now!3. Determine whether each of the following is an explicit cost or an implicit cost:
4. Consider the following information in the table for Pat’s Pizza Restaurant and answer the questions below.
| Marginal Product of Capital | 4,000 |
| Marginal Produce of Labor | 100 |
| Wage Rate | $10 |
| Rental Price of Pizza Ovens | $500 |
a. Is the owner of Pat’s Pizza Restaurant minimizing cost?
b. Should he rent more ovens and hire fewer workers or rent fewer ovens and hire more workers? Explain.
and total revenue.
2. Is the price elasticity of gasoline more elastic over a shorter or a longer period of time? Explain.
3. Determine whether each of the following is an explicit cost or an implicit cost:
4. Consider the following information in the table for Pat’s Pizza Restaurant and answer the questions below.
| Marginal Product of Capital | 4,000 |
| Marginal Produce of Labor | 100 |
| Wage Rate | $10 |
| Rental Price of Pizza Ovens | $500 |
a. Is the owner of Pat’s Pizza Restaurant minimizing cost?
b. Should he rent more ovens and hire fewer workers or rent fewer ovens and hire more workers? Explain.
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