If price elasticity of demand is -0.5,
a. a 1% decrease in quantity demanded leads to a 0.5% decrease in price
b. a 1% decrease in price leads to a 0.5% increase in quantity demanded
c. a 50% decrease in price leads to a 1% increase in quantity demanded
d. a 50% decrease in price leads to a 100% increase in quantity demanded
e. demand is elastic
B
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It is estimated that in 2007, Mexico had a population of 110 million and GDP of $1 trillion. In 2006, Mexico's population was 104 million and GDP was $839 billion. Per GDP person ________ by ________ between 2006 and 2007 in Mexico
A) increased; $1038 B) increased; 5 percent C) decreased; $2013 D) decreased; 5 percent
What do you think about international "Chapter 11"?
What will be an ideal response?
If the proportion of bad borrowers increases,
A) the lending interest rate increases. B) the lending interest rate decreases. C) the borrowing interest rate increases. D) the borrowing interest rate decreases.
Refer to Figure 7.1. At what level of output are average total cost, average cost, average fixed cost and marginal cost increasing?
A) Q2 B) Q3 C) Q4 D) Q5 E) none of the above