When price is $5 per unit, quantity demanded is 12 units. When price is $6 per unit, quantity demanded is 8 units. The value of the absolute price elasticity of demand is approximately
A. 0.36.
B. 2.20.
C. 1.82.
D. 4.00.
Answer: B
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The table above presents the production possibilities frontier for a nation. Using the information in the table, moving from possibility C to B means that
A) 4 units of capital goods are given up to get 55 units of consumption goods. B) 2 units of capital goods are given up to get 55 additional units of consumption goods. C) 4 units of capital goods are given up to get 10 additional units of consumption goods. D) 4 units of capital goods are given up to get 45 units of consumption goods. E) 2 units of capital goods are given up to get 10 additional units of consumption goods.
The fees physicians charge patients are most closely related to the physicians' cost of
A) acquiring a medical degree. B) earning a target income. C) maintaining their practice. D) spending time with patients.
The Solo Coal Mine is the only employer in the small town of Way out there. The market supply of coal miners is Qs = 0.02W - 200, where W is the annual wage of a coal miner and Q is the number of people who would accept employment as a coal miner. What is the coal mine's marginal expenditure when it hires 150 coal miners?
A. $17,500 B. $30,500 C. $10,000 D. $25,000
In order to have a meaningful measure of marginal utility, we must define the time period during which consumption is occurring
a. True b. False Indicate whether the statement is true or false