If the price of gasoline increases from $2.50 per gallon to $3
00 per gallon and the quantity demanded goes down from 120 million gallons per week to 115 million gallons per week, the absolute value of price elasticity of demand in that price range is approximately A) 0.23.
B) 4.35.
C) 0.93.
D) 2.34.
A
Economics
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A dedicated professor loves being in the classroom and would teach for $50,000 per year, but he is actually paid $60,000 per year. This individual
A) receives economic rent of $1100,000. B) has an opportunity cost of $110,000. C) has an opportunity cost of $50,000. D) receives economic rent of $10,000.
Economics
Average cost can be thought of as the cost per unit
a. True b. False Indicate whether the statement is true or false
Economics