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Suppose you run a firm in a perfectly competitive industry and would like to learn about what your competition is doing. You know that one of your competitors produces a single output using several inputs. The price of output rises by $4 per unit. The price of one of the inputs increases by $2 and the quantity of this input that the competitor uses increases by 8 units. The prices of all other inputs stay unchanged. What can you deduce about the output of your competitor? Will it stay the same/increase/decrease/by how much?
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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