Given the above equation, the income elasticity of demand for noodles is _____
a. 5
b. 0.5
c. 2
d. 2.5
e. 1.6
a
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In an effort to protect endangered species from the effects of logging in America's national forests, the federal government passes a law prohibiting logging in most of the state of Washington
Which of the figures above best illustrates the effect of this new law? A) Figure A B) Figure B C) Figure C D) Figure D E) None of the above because a prohibition cannot be illustrated using demand and supply figures.
If 40 rupees = $1, then one rupee = _____________.
Fill in the blank(s) with the appropriate word(s).
The opportunity cost of owner-provided labor is the
A) wage rate paid to the owner. B) explicit part of the wage rate paid to the owner. C) salary the owner could have made if she worked at her best alternative job. D) profit after all of the bills have been paid.
You are the sales manager for a software company and have been informed that the price elasticity of demand for your most popular software is less than 1. To increase total revenues, you should:
A. increase the price of the software. B. decrease the price of the software. C. increase the supply of the software. D. hold the price of the software constant.