Jerry spends his entire income on two goods, Bran and Tea. Every month he spends half of his income on each of these goods. Jerry's income elasticity of demand for Bran is .75. What is the income elasticity of demand for Tea?

One way the venture capital firm avoids the free-rider problem is by

A) prohibiting the sale of equity in the firm to anyone except the venture capital firm. B) prohibiting members from serving on the board of directors. C) prohibiting the borrowing firm from replacing management. D) requiring collateral equal to the value of the borrowed funds.

A good's Demand Curve is QD = 50 - 2P, and its Supply Curve is QS = 40 + P

a. When P = $10, what is the difference, if any, between QD and QS? b. When P = $2, what is the difference, if any, between QD and QS? c. What are the equilibrium values of P and Q?