What is the formula for the price elasticity of demand? The percentage change in the
A) quantity demanded divided by the percentage change in the price of a substitute or complement.
B) quantity supplied divided by the percentage change in price.
C) quantity demanded divided by the percentage change in price.
D) quantity demanded divided by the percentage change in income.
E) equilibrium quantity demanded divided by the equilibrium price.
C
Economics
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All of the following are types of decisions that can be made at the margin EXCEPT:
a) whether to grow beans or corn on a large farm b) whether or not to hire 100 new workers c) whether to leave early in the morning or late in the day for a trip d) whether or not to go on a vacation
Economics
What does it mean to say that workers and firms have rational expectations?
What will be an ideal response?
Economics