The above figure shows supply and demand curves for apartment units in a large city. At the unregulated equilibrium, producer surplus will be

Lauren runs a chili restaurant in San Francisco. Her total revenue last year was $110,000. The rent on her restaurant was $48,000, her labor costs were $42,000, and her materials, food and other variable costs were $20,000

Lauren could have worked as a biologist and earned $50,000 per year. An economist calculates her implicit costs as A) $150,000. B) $63,000. C) $50,000. D) $110,000. E) $0 because Lauren did not work as a biologist.

Answer the following statement(s) true (T) or false (F)

1. The elasticity of a linear demand curve changes along the length of the curve—from relatively inelastic at higher price ranges to relatively elastic at lower price ranges. 2. Sometimes the quantity of a good demanded is affected by the price of a related good. 3. Cross-price elasticity of demand indicates whether the goods in question are substitutes or complements for one another. 4. According to economist Jean-Pierre Dube, Coca-Cola is a good substitute for Pepsi because the two products have a cross price elasticity of -.5. 5. Income elasticity of demand is a measure of the relationship between a relative change in income and the consequent relative change in demand, ceteris paribus.