Using Excel, Best Paints estimates the log-linear weekly demand function for their gallon sized paints to be ln Qd = 12.53 - (2.25 × ln P). If Best Paints increases the price of their gallon sized paints by 5 percent, which of the following will occur?
A) The quantity will increase by 2.25 percent.
B) The quantity will increase by 11.25 percent.
C) The quantity will decrease by 2.25 percent.
D) The quantity will decrease by 11.25 percent.
D) The quantity will decrease by 11.25 percent.
You might also like to view...
What term refers to an organism's evident traits, its "manifest biology"?
A. manifest destiny B. genotype C. biological circumscription D. phenotype E. hereditary inequality
The most interesting fact about human skin color is that there appears to be no adaptive significance whatsoever to population-level variations in skin color
a. True b. False Indicate whether the statement is true or false
Gender and race can and do intersect. During administration of the Dutch East Indies in Indonesia, the colonial government practiced a racial hierarchy in which:
a. ?those at the lowest rungs of society, such as native peoples, were believed to have the loosest sexual morals. b. ?those at the highest rungs of society, such as elite Europeans, were believed to have the loosest sexual morals. c. ?those with the highest sexual morals were believed to be descended from only the native aristocracy. d. ?commoners had no sexual or moral standing.
Which of the following statements is true regarding implementing planned change in a community?
A) The benefits of programs are often obvious, but figuring out how to bring about the change is more difficult. B) It is often obvious how to bring about change, but determining what type of change is needed is more difficult. C) The local people are generally far more involved in implementing change than anthropologists or other interest groups. D) Anthropologists and other interest groups are generally far more involved in implementing change than the local people.