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If the price elasticity of demand for apples is 1.3, then a 15% decrease in quantity demanded is caused by a: a. 16.67% decrease in the prices of apples b. 16.67% increase in the price of apples c. 11.54% increase in the price of apples d. 11.54% decrease in the price of apples e. 8.33% increase in the price of apples f. 7.41% decrease in the price of apples Please show your work.
Joe and Mary can each produce salads and smoothies. He can make 6 smoothies per hour or 30 salads per hour. She can make 30 smoothies per hour or 30 salads per hour. Make a graph with salads per hour on the vertical axis and smoothies per hour on the..
The Australian government is concerned about inter-generational equity problems. Key problems arise from a larger number of older retired people being supported by a smaller workforce of young people, and from ever increasing budget deficits to be pa..
Describe each of the following financial institutions. If it is a financial intermediary, describe what type of liabilities it issues and who holds these liabilities, as well as what kinds of assets it holds and who issued these assets. If it is not ..
“I’ve come to the end of my patience with Roberta Weston,” said accounting manager Sam Best. “The position she’s in is so important to us that we simply can’t afford any more of her omissions or mistakes. Describe the ways in which the employee might..
A Japanese car maker plans to expand its production in the United States. The company borrowed $137,702,482 for this expansion at an interest rate of 8% per year. The loan will be repaid in equal payments at the end of each year over a 15-year period..
John offers to sell Mary his refrigerator for $1000 cash payment due by April 1 2016. The refrigerator to be tendered to Mary upon payment. Mary says to John that she agrees. Is this a legally enforceable contract under the common law? Would the Stat..
What does Friedman mean when he says the Earth is becomming "hot, flat, and crowded?" Describe three of the key problems that Friedman identifies in the book and explin why they re important.
If GDP increases in nominal terms from $600 billion in 1994 to $663 billion in 1996 and the price index (1992 = 100) rises from 120 to 130, how much real growth (in 1992 dollars) in GDP occurred between 1994 and 1996?
It comes to global expansion and setting up affiliates aboard, how is a service company's focus different from that of a manufacturing company
Suppose that Martha’s income is $40,000 per year. She can spend it on health care visits, which cost $80 per visit, or on groceries (standing for all other goods) which cost $100 per bag of groceries. Draw Martha’s budget constraint. Using in differe..
It would be reasonable for a typical purely competitive wheat farmer to lower his price per bushel in order to sell more. The higher sales level will cause average fixed cost to decrease and this will result in more profit for the individual farmer. ..
In a market, the equilibrium condition is given by the following: Suppose that there is a tax of $1 per unit, and the elasticity of supply is 3 and the elasticity of demand is 2 (in absolute value). How much of the $1 tax is paid by sellers? Which of..
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