When the price of hot dogs is $1.50 each, 500 hot dogs are sold every day. After the price falls to $1.35 each, 510 hot dogs are sold every day. At the original price, what is the price elasticity of demand for hot dogs?

Suppose the exchange rate of the U.S. dollar was 1.50 British pounds = $1.00 (U.S.) on Wednesday, and on the following Monday the exchange rate was $0.75 (U.S.) = 1.00 British pound

Which of the following best describes what happened between Wednesday and the following Monday? A) The U.S. dollar appreciated against the British pound. B) The British pound appreciated against the U.S. dollar. C) The U.S. dollar depreciated against the British pound. D) Both answers B and C are correct.

An example of a variable factor of production in the short run is

A) a building. B) capital equipment. C) an employee. D) land.