When the price of sausages is $2.00 per pound, consumers buy 50 pounds of fish. When the price of sausages rises to $3.00 per pound, 60 pounds of fish are purchased. The cross price elasticity of demand between sausages and fish is approximately equal to
A. +0.04.
B. +2.20.
C. +0.45.
D. -0.45.
Answer: C
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Refer to the table below. To increase output from 33 to 66 units requires ________ extra employee-hour(s); to increase output from 66 to 99 units requires ________ extra employee-hour(s).OutputPer DayNumber ofEmployeeHours Per Day00331662994132716511
A. 2; 4 B. 1; 1 C. 2; 1 D. 1; 2
Why were traditional Federal Reserve policies ineffective during the 2007-2009 recession?
What will be an ideal response?
A local government currently has a tax base of $10 billion and a tax rate of 10 percent. If the tax rate is increased to 12 percent, the tax base becomes $8.5 billion. If the goal is to maximize tax revenues the tax rate should be
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The law of diminishing marginal utility explains why an individual's demand curve is elastic
a. True b. False