The total revenue test says i. Demand is elastic if a decrease in price results in an increase in total revenue. ii. Total revenue is maximized when demand is elastic. iii. Total revenue is minimized when demand is unit elastic
A) i only
B) i and ii
C) ii and iii
D) i, ii and iii
E) ii only
A
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Since the 1970s, energy use per person in the United States has
A. risen dramatically. B. fallen slightly. C. fallen dramatically. D. risen slightly.
The Standard and Poor's 500 Index measures prices of the 500:
A. most purchased consumer goods in the United States. B. stocks of the largest companies in the United States. C. largest bonds trading in the United States. D. largest index funds trading in the United States.
Many people have bemoaned the fact that hand-written personal letters have become largely a thing of the past
They have also noted that the number of emails they receive have increased quite dramatically and can hardly be compared to the volume of letters that they used to receive by mail. Explain in terms of opportunity cost why this might be the case. Explain why junk email is probably more of a problem than traditional junk mail delivered to our mail box.
Refer to the payoff matrix below. If each cell has a probability of occurrence of 0.25, what are Healthy Snacks' expected profits?
Healthy Snacks and Best Treats are two firms competing in the health food snacks market. Both are considering introducing a new health food snack made purely of dried power fruits. The payoff matrix shows their net economic profit in millions for the different strategies.
A) $6.5 B) $11 C) $3.5 D) $9.25