According to the above table, what is the absolute price elasticity of demand when price rises from $5.50 to $6?
A) 4.00
B) 2.23
C) 1.21
D) 0.50
C
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In growth theory, the change in a country's standard of living is measured by the change in
A) employment. B) the nation's capital stock. C) wages per person. D) real GDP. E) real GDP per person.
Sales taxes, property taxes, and value-added taxes are examples of indirect taxes
a. True b. False Indicate whether the statement is true or false
Matthew just graduated from culinary school. He can earn $40,000 a year working for the same local bakery he has worked at since before starting culinary school, or accept a job offer he received after graduation from a high-end restaurant paying $70,000 a year. The higher salary is a result of
a. a compensating differential. b. efficient union bargaining. c. having more human capital. d. pure luck.
The graph above shows the average and marginal cost curves for the Banner Textile Company. The company produces corduroy fabric, which it sells in a perfectly competitive market. The current market equilibrium price for corduroy is $50 a yard. Assuming the firm maximizes profit,
a. it will earn zero economic profit in the short run. b. it will shut down immediately. c. it will produce 12 yards of fabric per day. d. it will produce 7 yards of fabric per day. e. it will produce 10 yards of fabric per day.