The above figure shows supply and demand curves for apartment units in a large city. At the unregulated equilibrium, producer surplus will be
A) d.
B) d + e.
C) d + g.
D) d + c + g.
D
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Explain the economic concept of price elasticity of supply. How is price elasticity of supply calculated?
What will be an ideal response?
While the demand for beer is relatively price inelastic, the price elasticity of demand for a particular brand is relatively high, due in large part to availability of close substitutes
Indicate whether the statement is true or false
Negative correlation between x and y implies that
A) when x is high, y is high. B) when x is high, y is low. C) xy < 0. D) x/y < 0.
Raghib teaches mathematics at Camford University and receives $40,000 per year. His spouse, Noraini, works as a self-employed computer programmer and charges $40 per hour. Which of the following is true?
a. Raghib's income is personal interest; Noraini's is wages b. Raghib's income is a salary; Noraini's is personal interest c. Both Raghib and Noraini receive proprietor's income d. Both Raghib and Noraini receive wage or salary income e. Raghib's income is a salary, and Noraini's income is a proprietor's income