In 2015, Peelville consumed 30,000 bananas. In 2016, banana consumption rose to 35,000. Calculate the percentage change in banana consumption
A) 11.66% B) 14.28% C) 16.67% D) 22.25%
C
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An outcome is Pareto efficient if:
A) an individual can be made better off without making someone else worse off. B) benefits of the outcome are equally distributed among all the participants. C) no individual can be made better off without making someone else worse off. D) costs of the outcome are equally shared by all the participants.
In order to prove that Motrin and Ibuprofen are substitutes, one should measure the ________ and get a ________
A) price elasticity of demand; number greater than 1 (in absolute value) B) cross-price elasticity; positive number C) cross-price elasticity; negative number D) price elasticity of demand; number less than 1 (in absolute value)
Over time, countries grow in a fashion so that their production possibility frontiers always retain the same shape
Indicate whether the statement is true or false
e-Bay
Find the price of a new Fender Squier Stratocaster guitar on eBay (you may use either the “Buy it Now” price or the final sale price from a recent auction). Compare this to the price of a new Fender Squier Stratocaster at Sam Ash and Musician’s Friend. Questions:
- How do the prices compare? Are the prices fairly close?
- Does the existence of the internet reduce price differences among sellers for products such as this?
- Revisit eBay and search for a Fender Stratocaster produced between 1960 and 1979. State the price (the final sale price or the “Buy it Now” price) and the vintage of the item you found. Has the availability of sites such as eBay made it easier to find such items? How does this affect the gains to trade for buyers and sellers?