Apple growers launch a very successful advertising campaign

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Reference no: EM1312180

Q1. Suppose apples also oranges are substitute. Presume apple growers launch a very successful advertising campaign that convinces consumers apples are a better product. As a result the cross-price elasticity of apples also oranges will become:

Q2. Demand also supply for a good in perfectly competitive marketplace is given as Q=100-2P also Q=-5+P, respectively. A frim producing the good in this marketplace has the short-run production function Q=60L^2-L^3. Find the labor input that maximizes output.

Reference no: EM1312180

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