Calculate the MPS.
MPS = $12,000/$50,000 = 12/50 = .24
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Suppose that a jewelry store found that when it increased prices by 10 percent, sales revenue increased by 3 percent. Which of the following is true about the price elasticity of demand for the store's goods?
a. Demand is perfectly inelastic. b. Demand is inelastic, but not perfectly. c. Demand is unitary classic. d. Demand is elastic, but not perfectly. e. Demand is perfectly elastic.
Bundling of products becomes _____, if the valuations of different customer groups are _____
a. more profitable; positively correlated b. less profitable; perfectly elastic c. less profitable; positively correlated d. more profitable; perfectly elastic
The value of an object on which a tax is levied is known as the
a. tax rate. b. tax impact. c. tax base. d. tax incidence.