In the following table, fill in the columns for your return on investment if the price of your house increased or decreased by 40 percent, based on the down payments specified in the first column
Return on Your Investment From
Down Payment A 40 Percent Increase in the Price of Your House A 40 Percent Decrease in the Price of Your House
100%
20
10
5
Return on Your Investment From
Down Payment A 40 Percent Increase in the Price of Your House A 40 Percent Decrease in the Price of Your House
100% 40% -40%
20 200 -200
10 400 -400
5 800 -800
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In the above figure, the individual's consumer surplus will be highest if
A) the price of ice cream is $5 per gallon. B) the price of ice cream is $3 per gallon. C) the price of ice cream is $2 per gallon. D) ice cream is free.
Refining gasoline for our cars requires a very specialized resource, crude oil. As a result, the
A) demand for gasoline is price elastic. B) demand for gasoline is price inelastic. C) supply of gasoline is price elastic. D) supply of gasoline is price inelastic.