Suppose that the price elasticity of demand for museum tickets is equal to –1.8 . If the price of a museum ticket rises by 30 percent, what will happen to quantity demanded?
What will be an ideal response?
[percentage change in quantity demanded]/[30] = -1.8 . If the price rises by 30 percent, quantity demanded will fall by 54 percent.
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Explain what is meant by "investment in children," describing the goals and methods of the parents
What will be an ideal response?
Which did not cause significant navigation problems on inland waterways?
a. ice b. variations in the heights of rivers c. sand bars d. sunken ships e. inland piracy
According to the law of diminishing returns,
a. Some productions factors are fixed b. All inputs are variable c. All inputs are fixed d. None of the above
The law of demand says that the lower the price of a good, other things constant,
a. the smaller the demand for that good b. the larger the demand for that good c. the smaller the quantity demanded of that good d. the larger the quantity demanded of that good e. the smaller the real income of consumers and the lower the quantity demanded of that good