Is the following sentences true or false and why (please give mathematical or graphical explanation when needed)?
1. Empirical studies often indicate that the long- run average cost curve for PC industry is J -shaped
2. a profit- maximizing monopolist will always choose on output in the short run where the average total cost is less than average revenue.
3. Marginal Revenue is the ratio of the valve of sales to the amount of sales.
4. The income elasticity of demand for food is very high
This solution consists of four true or false questions based on managerial economics that also includes explanation for each solution.