Josh mows lawns. If the demand for lawn-mowing service is elastic and Josh wants to increase his total revenue, he should
a. increase the price of his lawn-mowing service.
b. decrease the price of his lawn-mowing service.
c. reduce the costs of operating his lawn-mowing service.
d. More than one of the above is correct.
b
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From 1980 to 1985 the dollar appreciated relative to the British pound. Holding everything else constant, one would expect that, when compared to 1980
A) fewer Britons traveled to the United States in 1985. B) Britons imported more wine from California in 1985. C) Americans exported more wheat to England in 1985. D) more Britons traveled to the United States in 1985.
If on Tuesday the perceived price of studying for an exam is $4 per hour but on Saturday the perceived price of studying for an exam is $10, the law of demand predicts
A) more studying on Saturday and less on Tuesday. B) more studying on Tuesday and less on Saturday. C) the same amount of studying on Tuesday and Saturday. D) no studying on Tuesday or Saturday.