Skip's Sealcoating Service increased its total monthly revenue from $12,000 to $13,500 when it raised the price of driveway repairs from $600 to $750 . The price elasticity of demand for Skip's Sealcoating Service is
a. 0.11.
b. 0.47.
c. 1.12.
d. 2.11.
b
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Which of the following statements is false?
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Look at the production schedule below:
Workers 0 1 2 3 4 5 Output 0 45 80 100 130 165 Which property of a standard production function does it violate? A) constant returns to scale B) decreasing marginal product of capital C) decreasing marginal product of labor D) production increasing in labor
The market structure of home video gaming systems is best characterized by monopolistic competition. Quasar Entertainment is one of the producers in this market. The inverse demand for Quasar systems is:
P = 500 - 9.75Q Quasar's cost function is: C(Q) = 0.25Q2 + 6. Determine Quasar's profit maximizing level of output and the price charged to customers. Is the market in a long-run equilibrium?
What are the main arguments presented against flexible exchange rates?