As the price of dvds increases from $3 to $5, the quantity demanded falls from 220,000 to 180,000 . The price elasticity of demand for dvds is:
a. -0.40
b. -0.33
c. -3.00
d. -2.50
a
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During a hot summer weekend, the only supermarket near the beach decides to charge consumers $6.50 for the first 12-pack of soda pop, $5.50 for the second and third 12-packs, and $5.25 for all subsequent purchases during the same shopping trip
This would be considered A) an example of declining-block pricing. B) not very smart since consumers will buy soda pop regardless of the price. C) an example of monopoly pricing. D) an example of an inelastic demand curve.
An employer's effort to minimize transaction costs can result in employment discrimination
Indicate whether the statement is true or false
Which of the following statements represents a correct and sequentially accurate economic explanation?
A) If government purchases rise, total expenditures on goods and services rises, and the AD curve shifts leftward. B) If government purchases rise, total expenditures on goods and services rises, and the AD curve shifts rightward. C) If consumption rises, total expenditures on goods and services rises, and the AD curve shifts rightward. D) If consumption rises, total expenditures on goods and services rises, and the quantity demanded of Real GDP rises. E) b and c
Suppose total output (real GDP) is $4,000 and labor productivity is $8. We can conclude that:
A. real GDP per capita must be $500. B. the price-level index must be greater than 100. C. nominal GDP must be $500. D. the number of worker-hours must be 500.