Elasticity is a useful tool in learning more about the character of demand. It depicts
a. the way to find market equilibrium
b. a ratio of percentage changes
c. how easily prices adjust to changing market (supply and demand) conditions
d. how price changes as quantity demanded changes
e. how consumers react to shifts in demand
B
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Suppose u = those adults who are unemployed and seeking work; e = those adults who are employed; and NLF = those adults not in the labor force. Which expression would equal the BLS definition of the unemployment rate?
a. u / (e + NLF) b. u / e c. u / (u + e) d. u / (e + NLF) e. u / (u + e ? NLF)
The first bottle of water increases Clarke's utility by 20 utils. The second bottle of water increases utility by 18 utils. The third bottle of water increases his utility by 15 utils. The marginal utility of the third bottle of water is 3 utils
a. True b. False Indicate whether the statement is true or false
If the CPI was 128 at the end of 2007 and 136 and the end of 2008, what was the inflation rate in 2008?
A) 8 percent B) 5.9 percent C) 9.4 percent D) 4.2 percent E) 6.25 percent
For the Fall semester, you had to pay a nonrefundable fee of $600 for your meal plan, which gives you up to 150 meals. If you eat 100 meals, your marginal cost of the 100th meal is:
A. $6. B. $0. C. $4. D. $0.25.