Entrepreneurs create destruction
Indicate whether the statement is true or false
True
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Suppose the daily demand for Coke and Pepsi in a small city are given by QC = 90 - 100PC + 400(PP - PC) and QP = 90 - 100PP + 400(PC - PP), where QC and QP are the number of cans Coke and Pepsi sell, respectively, in thousands per day. PC and PP are the prices of a can of Coke and Pepsi, respectively, measured in dollars. The marginal cost is $0.45 per can for both Coke and Pepsi. What is Pepsi's inverse demand function?
A. PP = (0.18 + 0.8PC) - 0.002QP B. QP = (0.18 + 0.8PC) - 0.002PP C. PP = (90 + 400PC) - 0.002QP D. QP = (90 + 400PC) - 0.002PP
Comparative statics analysis in economics is best illustrated as
A) the comparison of equilibrium points before and after changes in the market have occurred. B) a comparison of two types of markets. C) the comparison of the percentage of change in the one variable divided by the percentage change in the other variable. D) an analytical technique used to show best case scenarios of demand and supply curves.
If advertising makes demand of a product more elastic, it makes sense for a firm to
a. Decrease the price of the product b. Increase the price of the product c. Leave the price unchanged d. None of the above
On a graph for the Gini Coefficient, perfect equality would be represented by the equation ______.
a. G = -1 b. G = 0 c. G = 1 d. G = 100