Refer to the given table. The equilibrium price in this market is:Price Per UnitColumn A Units Per YearColumn B Units Per Year$2010040$309550$408060$506570$605080
A. between $30 and $40.
B. nonexistent.
C. between $40 and $50.
D. between $20 and $30.
Answer: C
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Refer to Figure 7.1. Suppose that instead of $350, Angus earns only $250 by playing the bagpipes, but all other earnings remain the same. If there is no ordinance against loud music, the Coase theorem predicts that
A) Dudley will pay Angus to not play the bagpipes. B) Angus will pay Dudley so Angus can play the bagpipes. C) Dudley will do nothing and Angus will mop floors. D) no bargain can be reached between Angus and Dudley.
In the figure above, using the midpoint method, the price elasticity of demand when the price falls from $6 to $5 is equal to
A) 2.50. B) 1.63. C) 1.10. D) 0.91. E) 1.00.
When an individual spends more than her/his disposable income, this person is
A) saving. B) investing. C) dissaving. D) unemployed.
Econometrics is the use of statistics to quantify and test economic models
Indicate whether the statement is true or false