What does the slope of the line shown in the above figure equal?
What will be an ideal response?
The slope equals the change in variable on the y-axis divided by the change in the variable on the x-axis, or (150 - 300 )/(600 - 800 ) = 0.75.
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Perfect price discrimination
A) turns all the producer surplus into consumer surplus. B) turns all the consumer surplus into economic profit. C) creates a deadweight loss. D) cannot result in profit maximization.
An optimal purchase is one that maximizes total utility
a. True b. False Indicate whether the statement is true or false
Between 1836 and 1851 travel time between New York and Chicago was cut from
A. a month to two days. B. a month to a week. C. two weeks to one week. D. two weeks to two days.
Recall the Application about the time involved in including cell phones in the calculation of the Consumer Price Index (CPI) to answer the following question(s).According to the Application, the telecommunications component of the Consumer Price Index (CPI) was biased:
A. upward by 0.8 to 1.9 percent. B. upward by 1.8 to 2.9 percent. C. downward by 0.8 to 1.9 percent. D. downward by 1.8 to 2.9 percent.