Harry is a computer company executive, earning $200 per hour managing the company and promoting its products. His daughter Quinn is a high school student, earning $6 per hour helping her grandmother on the farm. Harry's computer is broken. He can repair it himself in one hour. Quinn can repair it in 10 hours. Harry's opportunity cost of repairing the computer is lower than Quinn's

A price elasticity of demand of 2.3% implies

a. Demand is inelastic b. Demand is elastic c. Demand is unitary elastic d. Demand is perfectly elastic

One reason that some whales were hunted close to extinction is that no one can claim ownership of a whale until it is killed. If property rights to the whale population were established:

a. then whales would surely be hunted to extinction. b. the owners would have the incentive to ensure a sustainable yield of whales, so the whale population could recover. c. no one would hunt whales. d. the price of whales would be kept artificially low so that trade in whales would become unprofitable. e. the whales would be hunted to extinction only when the price is high and it is profitable to trade in whales.