Jim saw a decrease in the quantity demanded for his firm's product from 800 . to 600 . units a week when he raised the price of the product from $200 to $250 . What is Jim's own price elasticity of demand?
a. 1.29
b. 1
c. 0.25
d. 0.78
a
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The first discussion of comparative advantage appears in a book written by
A) Paul Samuelson. B) David Ricardo. C) David Portugal. D) Adam Smith.
What are the limitations to government’s role in the economy?
Please provide the best answer for the statement.
Answer the following questions true (T) or false (F)
1. The index of leading economic indicators of business activity is designed to indicate business fluctuations before they occur. 2. The producer price index accounts for changes in the prices of goods and services purchased by consumers. 3. The short run Phillips curve illustrates the relationship between the rate of inflation and the unemployment rate.
What are four real and potential problems with the public debt?
What will be an ideal response?