Refer to Table 4.2. A change in the price of calculators caused the change in quantity demanded shown in the table. The price elasticity of demand for calculators (calculated using the initial-value formula) is:
A. 25.
B. 1.75.
C. 0.75.
D. 0.25.
Answer: C
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If revenue in the short run is sufficient to offset variable costs but not all fixed costs, what should the firm do?
What will be an ideal response?
Refer to the information above. If an economy can raise its annual real GDP growth rate from 1.8 percent to 2.4 percent, its real GDP doubling time is reduced by ________ years
A) 30 B) 24 C) 10 D) 43.2
Which of the following is true of marginal cost?
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If marginal net utility is positive, the consumer must be buying too small a quantity to maximize total net utility. Why?