Make the highest possible grade in your economics class

Assignment Help Business Economics

Reference no: EM131387489

1. Are the following statements true or false? Explain your answers.

a. A 10 percent reduction in price that leads to a 5 percent increase in the amount purchased indicates a price elasticity of more than 1.

b. 10 percent reduction in price that leads to a 2 percent increase in total expenditures (or total revenue) indicates a price elasticity of more than 1.

c. If the percentage change in price is less than the resultant percentage change in quantity demanded, demand is inelastic.

2. Respond to the following questions: If you really like pizza, should you try to consume as much pizza as possible? If you want to succeed, should you try to make the highest possible grade in your economics class?

Reference no: EM131387489

Questions Cloud

How will the federal reserve adjust the money supply : The full employment level of output is $4,000 while the current level of output is $3,600. MPC = .75 and the Required Reserves is 10%. Given this information: a. How much of an increase in Government Spending will bring this economy to full employmen..

Relevant labor market for the jobs : Identify and describe what factors influence the degree to which an organization will engage in recruiting. What are some examples of what a company does to reach the relevant labor market for the jobs they are recruiting for?

Calculate the overall payoffs for the tit-for-tat strategy : Let’s examine another strategy that we will call “Alternate.” The strategy is played as follows: start by colluding, then defect, and keep alternating (C,D, etc.) to the end of the game. Calculate the overall payoffs for the Tit-for-Tat strategy, the..

What is the potential liability of envirosearch : Subsequently Westover Hills Ltd. became insolvent. What is the potential liability of Envirosearch and AGFC to creditors of the limited partnership?

Make the highest possible grade in your economics class : A 10 percent reduction in price that leads to a 5 percent increase in the amount purchased indicates a price elasticity of more than 1. Respond to the following questions: If you really like pizza, should you try to consume as much pizza as possible?..

Design the control for a sequential 4-bit multiplier : Draw a Mealy machine state diagram for a 4-bit multiplier. The inputs are S (a multiply start signal) and M (the low-order bit of the multiplier). The outputs are the Sh, Ld, and Cl signals.

What is the current interest rate : The Money Supply = 425 and Money Demand = 400 - 500r + .75Y where r = interest and Y = income. Equilibrium interest rate is found by setting MS = MD (see power point notes, Example Money). The current income (GDP) level is $3,600. What will the inter..

How muc would you be willing to pay for one share : UPS preferred stock pays $2 in annual dividends. If your required rate of return is 17.00 percent, how muc would you be willing to pay for one share of this preferred stock?

The marshallian demand curve for normal good : For an individual who consumes two of the good X and Y, the marshallian demand function for X is flatter than the Hicskian demand function for X if X is a normal good. Why is this false? Isn't it ALWAYS correct to say that for a normal good, Compensa..

User Account

All Pages