The own price elasticity of demand for apples is ?1.2. If the price of apples falls by 5 percent, what will happen to the quantity of apples demanded?
A. It will increase 6 percent.
B. It will fall 4.3 percent.
C. It will increase 5 percent.
D. It will increase 4.2 percent.
Answer: A
Economics
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Pete owns a shoe-shine business. His accountant most likely includes which of the following costs on his financial statements? (i) shoe polish (ii) rent on the shoe stand (iii) wages Pete could earn delivering newspapers (iv) interest that Pete's money was earning before he spent his savings to set up the shoe-shine business
a. (i) only b. (i) and (ii) only c. (iii) and (iv) only d. (i), (ii), (iii), and (iv)
Economics