The demand schedules of three individuals (Tom, Dick, and Harry) are shown. If they are the only three buyers of DVDs, complete the market demand schedule for DVDs. Graphically, is the market demand for a product the horizontal or vertical sum of the
individual demand schedules?
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Using the midpoint method, the price elasticity of demand for a good is computed to be approximately 0.75 . Which of the following events is consistent with a 10 percent decrease in the quantity of the good demanded?
a. a 7.5 increase in the price of the good b. a 13.33 percent increase in the price of the good c. an increase in the price of the good from $7.50 to $10 d. an increase in the price of the good from $10 to $17.50
The graph shown demonstrates a tax on sellers. What is the amount of tax revenue being generated from the tax?
A. $310 B. $135 C. $80 D. $150
The main difference between sales finance and consumer finance is:
A. the size of the purchase involved. B. one deals with equipment leasing and the other does not. C. the type of borrower. D. the length of time until the loan has to be repaid.
Refer to the information provided in Table 14.3 below to answer the question that follows. Table 14.3B's Strategy ?AdvertiseDon't Advertise??A's profit $75 millionA's profit $200 million?AdvertiseB's profit $75 millionB's profit $50 millionA's Strategy????Don'tA's profit $50 millionA's profit $100 million?AdvertiseB's profit $200 millionB's profit $100 millionRefer to Table 14.3. What is the Nash equilibrium in the game?
A. (Don't Advertise, Advertise) B. (Don't Advertise, Don't Advertise) C. (Advertise, Advertise) D. (Advertise, Don't Advertise)