Economics is the study of how
A. psychology influences preferences.
B. people make choices.
C. preferences are determined.
D. people become selfish.
Answer: B
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The table above gives the demand schedule for a good. What is the total revenue at point A? At point B? At point C? At point D? At point E?
What will be an ideal response?
Edgar only consumes protein shakes with his income, I. The price of shakes is p
a. What is Edgar's demand equation for shakes? b. Can protein shakes be an inferior good for Edgar? Explain. c. What is the price elasticity of Edgar's demand for shakes? Derive using calculus. d. What is the income elasticity of Edgar's demand for shakes?
Which of the following is a progressive tax?
A. The Social Security tax. B. The federal income tax. C. Local property taxes. D. Local sales taxes.
If the slope of a demand curve is infinite, then the price elasticity of demand is:
A. infinite. B. one. C. equal to the price of the good. D. zero.