In Figure 3-4 above, the shift from Ap0 to Ap1 could have been caused by a ________ in T of ________
A) fall, 300
B) fall, 180
C) fall, 500
D) rise, 300
E) rise, 500
C
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In this problem, demonstrate your knowledge of percentage rates of change of an entire demand function (HINT: %?Q = EP•%?P + EY•%?Y). You have found that the price elasticity of motor control devices at Allen-Bradley Corporation is -2, and that the income elasticity is a +1.5 . You have been asked to predict sales of these devices for one year into the future. Economists from the
Conference Board predict that income will be rising 3% over the next year, and AB's management is planning to raise prices 2%. You expect that the number of AB motor control devices sold in one year will: a. fall .5%. b. not change. c. rise 1%r. d. rise 2%. e. rise .5%.
The profit motive counteracts
a. consumer discrimination. b. discrimination in sports. c. the beauty premium. d. None of the above is correct.