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When a university bookstore prices chemistry textbook at $200 each, it generally sells 120 books per month. If it lowers the price to $160, sales increase to 160 books per month. Given this information, we know that the price elasticity of demand for chemistry books is about
A. 1.29, and a decrease in price from $200 to $160 results in an increase in total revenue.
B. 1.29, and a decrease in price from $200 to $160 results in a decrease in total revenue.
C. 0.78, and a decrease in price from $200 to $160 results in an increase in total revenue.
D. 0.78, and a decrease in price from $200 to $160 results in a decrease in total revenue.
You now should realize how important it is for economists to try and predict future conditions of the U.S. economy. Economists are also interested in the performance of the economy at a more local level. Discuss how local and national forecasts play ..
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Elucidate why those rates may be more meaningful as a measure of change across time than the actual numbers of those events."
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In the neoclassical growth theory, differences in per capita income are determined by differences in the
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Suppose that a certain industry is competitive and there are many firms all with the same cost function given by: LRTC=q3 - 2 q2 + 2q (MC = 3 q2 – 4 q + 2 ) The industry inverse demand curve is given by: p = 11 - .2 Q Find LR equilibrium q, Q, n, p, ..
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