Which of the following is a correct characterization of socialism? Question 9 options: a) Central planning is seldom used to answer the basic economic questions. b) Government ownership of many resources and centralized decision-making answers the basic economic questions. c) Tradition answers the basic economic questions. d) Markets are used exclusively to answer the basic economic questions.

Until recently, hamburgers at the city sports arena cost $4.70 each. the food concessionaire sold an average of 13 comma 000 hamburgers on game night. when the price was raised to $5.40, hamburger sales dropped off to an average of 6 comma 000 per night. (a) assuming a linear demand curve, find the price of a hamburger that will maximize the nightly hamburger revenue. (b) if the concessionaire had fixed costs of $1 comma 500 per night and the variable cost is $0.60 per hamburger, find the price of a hamburger that will maximize the nightly hamburger profit.