The efficiency of steamboats was commonly measured by
(a) the carrying capacity of the steamboat fleet in terms of tonnage.
(b) per unit labor costs per vessel.
(c) the tonnage per vessel transported upstream.
(d) the actual tonnage transported up and downstream each day.
(a)
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People who give erroneous explanations of how they themselves perform a particular task, such as tying their shoelaces or setting prices,
A) cannot be performing the task successfully. B) may nonetheless perform the task successfully. C) must be lying. D) would necessarily perform the task more successfully if they understood it correctly.
Assume the market demand for wheat may be written as
Q = 45 - 2p + 0.3Y + 1pb where Y refers to income and pb refers to the price of barley. Assuming that wheat and barley both sell for $1, and income is $20, calculate the price elasticity, cross price elasticity and income elasticity for wheat.