If airlines give passengers under the age of 10 a 25% discount, then this is an example of price discrimination.
Answer the following statement true (T) or false (F)
True
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To find an economy's long-run equilibrium price level, locate the point where ________ and ________ cross and look to the left
A) long-run aggregate supply; aggregate demand B) aggregate demand; short-run aggregate supply C) aggregate demand; price level D) demand; supply
Assume General Motors has decided to build an assembly plant in St. Louis. The plant will employ 1,000 full-time workers at an annual wage of $40,000 each. If the marginal propensity to consume in St. Louis is 2/3, what change in income will result from operation of the plant for one year?
a. $26.7 million. b. $40 million. c. $80 million. d. $120 million.
If the demand for product X is inelastic, a 4 percent increase in the price of X will:
A. decrease the quantity of X demanded by more than 4 percent. B. decrease the quantity of X demanded by less than 4 percent. C. increase the quantity of X demanded by more than 4 percent. D. increase the quantity of X demanded by less than 4 percent.
The following table shows the relationship between the speed of a computer's CPU and its benefits and costs. Assume that all other features of the computer are the same (that is, CPU speed is the only source of variation), and only the CPU speeds listed below are available for purchase.CPUGHzTotal BenefitMarginal BenefitTotal CostsMarginal Costs2.0$1,000 $900 2.5$1,400 &1003.0 $300$1,200 3.5$1,900 &1,500 4.0$2,000 &400The marginal benefit of upgrading from a 2.0GHz computer to a 2.5GHz computer is:
A. $400. B. $1,400. C. $1,000. D. $100.