At a price of $100, Beachside Canoe Rentals rented 11 canoes. When it increased its rental price to $125, 9 canoes were rented. Calculate the absolute value of the price elasticity of demand for canoe rentals using the midpoint formula
A) 2
B) 1.25
C) 0.9
D) 0.75
Answer: C) 0.9
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Microeconomics is the study of
A) aggregate measures of the economy. B) economic issues for an entire region. C) federal budget details. D) individual decision making.
The marginal income tax rate applies to
A. the income in the highest tax bracket reached. B. the income received by people above the national average. C. all income earned by a family. D. the income of the highest income U.S. taxpayers.
Briefly explain why government subsidies are a reason for the declining student performance in public education
What will be an ideal response?
Per capita GNP and quality-of-life are the only ways to determine a country's level of economic development
a. True b. False Indicate whether the statement is true or false