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If the demand for smart phones is price inelastic,
a. changes in price do not affect the number of smart phones demanded.
b. if more smart phones are sold as the result of a price decrease, total expenditures by consumers on smart phones will decrease.
c. the percentage change in price of smart phones is less than the percentage change in quantity demanded of smart phones.
d. the percentage change in quantity demanded of smart phones is greater than the percentage change in price of smart phones.
e. none of the above
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Construct a contingency table by using the following information: 89% entrepreneurs by choice. 11% entrepreneurs by necessity
Government spending can raise Aggregate Demand and real GDP in the Classical model. Classical economists said that the velocity of money is very volatile. Classical Economists claim interest rates guarantee that savings will equal investment.
The fundamental forces of market self regulation are:
Which resource of production is the only one which nations can significantly increase in the short term.
________ refers to the additional revenue gained from selling one more unit.
The Whopper Co. is a manufacturer of gumballs. The technology and know-how to do this are well known in the scientific and engineering community in Whopper’s home country, where gumballs have been popular with consumers for decades. Now Bubble Co., a..
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Let G be the number of television broadcasts each day. Consider 3 individuals with preferences UA =G/4 UB =2–G^(3/4) UC =G–(G^2)/2 a) Show that the 3 consumers have single-peaked preferences
Suppose that you have won a wrongful injury lawsuit and have been awarded $5 million dollars. However, the $5 million is going to come in two payments. The first payment is $3 million and will be paid in exactly one year. The remaining $2 million is ..
In economic terms, when the wage rate increases we sometimes see the number of hours worked by individuals decrease now.
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