In the country of Konswano there are 4 people. Each person lives for 40 years. In their first 10 years, they earn no income. In the next 20 years, they earn $40,000 per year and in the last 10 years they earn no income
Each year their consumption is $20,000. If everyone in Konswano is 25 years old, then the Lorenz curve for income is ________. A) above the Lorenz curve for wealth
B) above the line of equality
C) equal to the line of equality
D) below the Lorenz curve for wealth
C
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Skip's Sealcoating Service increased its total monthly revenue from $12,000 to $13,500 when it raised the price of driveway repairs from $600 to $750 . The price elasticity of demand for Skip's Sealcoating Service is
a. 0.11. b. 0.47. c. 1.12. d. 2.11.
Refer to Variable Cost of Production. If the total cost of producing the sixth unit of output is $190, fixed costs must be
The following questions refer to the following table which shows a firm's variable costs of production.
a. $8.
b. $22.
c. $30.
d. $40.