Assume that when the price of good X is $7, quantity demanded is 25. When price is increased to $9, quantity demanded falls to 20. Based on this information, over the range in question demand is elastic
Indicate whether the statement is true or false
FALSE
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An external effect that generates costs to a third party is called
a. free-ridership c. a negative externality b. a positive externality d. a marginal private cost
Is the value of U.S. exports typically larger or smaller than the value of U.S. imports?
What will be an ideal response?
Some laborers are productive, others are less so. How do we measure labor productivity? Why are there differences in labor productivity? a. Labor productivity is capital stock divided by labor, and differences may be explained by differences in the capital-labor ratio
b. Labor productivity is output divided by capital stock, and differences may be explained by differences in the capital-output ratio. c. Labor productivity is capital divided by GDP, and differences may be explained by differences in the capital-output ratio. d. Labor productivity is the change in labor divided by GDP, and differences may be explained by differences in the capital-output ratio. e. Labor productivity is GDP divided by labor, and differences may be explained by differences in the capital-labor ratio.
Suppose that the marginal utility of four units purchased is $10 and total utility is $53. If the marginal utility of the fifth unit purchased is $7, how much is the total utility of five units?
What will be an ideal response?