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1. The own price elasticity of demand for apples is −1.5. If the price of apples increases by 10 percent, what will happen to the quantity of apples demanded? a)It will increase 15 percent. b)It will fall 15 percent. c)It will increase 10 percent. d)It will fall 10 percent.
2. You are the manager of a supermarket, and you know that the income elasticity of peanut butter is exactly −0.5. Due to the economic recession, you expect incomes to increase by 10 percent next year. How should you adjust your purchase of peanut butter?
a) Buy 5 percent more peanut butter.
b) Buy 5 percent less peanut butter.
c) Buy 10 percent more peanut butter.
d) Buy 10 percent less peanut butter.
Which of the following is a conclusion of using the generational accounting measure?
Thomas works in a non-military operation of a large operation that does both non-military and military goods. This company discontinued the production of non-military goods and transferred Thomas to a plant that produced military goods. He was denied..
An example of an exclusive union would be:
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Suppose that the market demand curve for bean sprouts is P=880-2Q, where P is the price and Q is total industry output. Suppose that the industry has two firms, a Stackleberg leader and a follower. Each firm has a constant marginal cost of $80 per un..
A suntan lotion company is interested in expanding to another market. In Miami, there is a 60% chance of selling 5,000 units at a $5 profit/unit, a 20% chance of selling 4,000 at a $8 profit/unit, and a 20% chance of losing $5,000. In Las Vegas, ther..
Consider the following real data from the Federal Reserve Economic Database: Unemployment Rate Price Level Real Actual GDP 4th Quarter 2014 5.6% 234.812 16,311.6 4th Quarter 2013 6.7% 233.049 15,916.2 which curve(s) on the ADAS model must have change..
Suppose there is a flood in St. Louis, Missouri, that destroys several beer bottling facilities. Which of the following would not be a direct result of this event?
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If both manufacturers offer the same value, then 50 customers buy from each manufacturer. Find all symmetric Nash equilibria.
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