Land's End estimates a demand curve for turtleneck sweaters to be: Log Q = .41 + 2.3 Log Y - 3 Log P where Q is quantity, P is price, and Y is a measure on national income. If the marginal cost of imported turtleneck sweaters is $9.00 . The optimal monopoly price would be:
a. P = $13.50
b. P = $26.50
c. P = $27.50
d. P = $34.50
e. P = $56.22
a
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When drawn against the real interest rate, the output supply curve unambiguously shifts to the right if
A) current capital decreases. B) current total factor productivity decreases. C) future total factor productivity decreases. D) current or future taxes increase.
What was not one of the causes of hardship for Southern agricultural products in the immediate post-Civil War period (1870-1890)?
a. Increased infestation by boll weevils and other insects. b. Significant withdrawal of women and children from the fields. c. Increased competition from new cotton producers in other areas of the world. d. The loss of the plantation system.
Sometimes ignoring that money is fungible can be:
A. useful and help someone stay on budget. B. irrational and lead to costly decisions. C. Both of these are true. D. Neither of these is true.
A local utility is an example of
A) perfect competition. B) oligopoly. C) monopoly. D) monopolistic competition.