Refer to Scenario 15.5. If Catherine stopped smoking, then what is the total amount that Catherine will save on life insurance premiums over the rest of her expected lifespan?
A) $700
B) $14,000
C) $30,000
D) $42,000
E) $56,000
D
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If the marginal cost of production is $10, the elasticity of demand for group 1 is -1.5, the elasticity of demand for group 2 is -2.5, and the price paid by group 1 is $15, the price for group 2 is
A) $8.33. B) $27. C) $15. D) Impossible to tell.
Consider a PPC with automobiles on the vertical axis and cotton on the horizontal axis. The discovery of a new fertilizer that improves crop yield will shift:
a. the vertical intercept up but will not shift the horizontal intercept. b. the horizontal intercept to the right but will not shift the vertical intercept. c. the horizontal intercept to the left and the vertical intercept upward. d. the vertical intercept downward and the horizontal intercept to the right. e. neither the horizontal intercept nor the vertical intercept.
If new firms are currently entering a perfectly competitive market, which of the following is true?
a. Existing firms are losing money. b. Existing firms are earning positive economic profits. c. Existing firms are just breaking even. d. Impossible to predict.
The case of ________ has been referred to in the press and business publications as an example of right-minded import protection in the United States.
a. U.S. steel b. Dole bananas c. the Chrysler corporation d. Harley-Davidson motorcycles