If the price of chewing gum is represented by P in equation P = 25 - 0.5 QD, then the corresponding quantity of chewing gum demanded is represented by the demand equation

You just won the lottery. You have a choice of three different prize options. Option #1: receive $1,200 immediately; Option #2: receive $1,500 a year from now; Option #3: receive $1,800 five years from now. If the interest rate is 15% the ranking of the options, from the lowest present value to the highest is

a. Option #2, Option #3, Option #1 b. Option #3, Option #1, Option #2 c. Option #1, Option #2, Option # d. Option #1, Option #3, Option #2 e. Option #3, Option #2, Option #1

When you buy something, you do so because of the satisfaction you expect to receive from having and using that good. Another term that can be used for satisfaction is

A. price elasticity. B. utility. C. need. D. purchasing power.