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Engine lathes are more heavyduty lathes that have more variety in speed settings and can be used for both wood and metal. Speed lathes have fewer speed setting options and are mostly only common to woodworking and polishing. As they are not meant for particularly oversized projects, speed wood lathes will typically have beds.
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d. If consumers instead demanded 20 million bags at a price of 2 per bag, how big would the firm''s profit or loss be? e. Suppose that demand is perfectly inelastic at 20 million bags, so that consumers demand 20 million bags no matter what the price is. What price should you charge if you want the firm to earn only a fair rate of return?
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