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When a university bookstore prices chemistry textbook at $200 each, it generally sells 120 books per month. If it lowers the price to $160, sales increase to 160 books per month. Given this information, we know that the price elasticity of demand for chemistry books is about
A. 1.29, and a decrease in price from $200 to $160 results in an increase in total revenue.
B. 1.29, and a decrease in price from $200 to $160 results in a decrease in total revenue.
C. 0.78, and a decrease in price from $200 to $160 results in an increase in total revenue.
D. 0.78, and a decrease in price from $200 to $160 results in a decrease in total revenue.
A large importing country utilizes a binding import quota to support its domestic price. Suppose this country experiences a 25% depreciation of its currency relative to all other countries. Construct a scenario to show how this currency depreciation ..
q.suppose you have a 2000 bond that makes an annual interest payment of 75. use this information to answer the
Suppose production function for burritos at Chipotle is Q =4k^1/2 L^1/2.They currently own 4 units of capital and are not able to change this during the short run. The rental rate of capital is $10 and the wage rate is $20. What is Chipotle's short r..
Illustrate what is the probability that the defense defends the right hand side. Explain in words what the expected outcome will be.
Suppose the monthly demand for soda by a consumer is given by Q=10 - 8P . A/ If the price of soda is $1 per can, how many sodas will the consumer purchase in a typical month? B/ what is the elesticity of demand for soda?
Which of the following statements uses economic vocabulary correctly?
If the banking system has a required reserve ratio of 10%, then the money multiplier is: ______ If Bank A receives a $10,000 deposit and the reserve requirement is 10%, how much does Bank A have available to loan out? __________
Which of the following will not cause the MPL to increase?
A firm has two plants, one in the US and one in Mexico and it cannot change the size of the plants or amount of capital equipment. This wage in Mexico is $5. The wage in US is $20. Given current employment the marginal product of the last worker in M..
When the price of one good decrease, the associated substitution effect is represented by a:
The more abundant are idle resources when AD (aggregate demand) rises
The main problem associated with the taxation of foreign investors is: the withholding rate is frequently 40% higher than that of the United States. the inconvenience of having to apply for a foreign tax credit on your U.S. income tax return and keep..
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