If the calculated price elasticity of demand between two points is -1.5, demand is

If the supply curve is perfectly inelastic and an excise tax is imposed

a. all of the tax is paid by buyers b. all of the tax is paid by sellers c. the market price will rise by the amount of the tax d. the market price will fall by the amount of the tax e. the tax is divided equally between buyers and sellers

Suppose two fishing boats are both run by profit-maximizing captains. Bob's boat cost him $500,000 and Debra's boat cost her $400,000 . If they both have identical boats and their labor and fuel costs are the same, who will catch more fish?

a. Bob will catch 20 percent fewer fish b. Debra will catch 20 percent fewer fish c. they will catch the same d. Bob will catch 25 percent more fish e. Debra will catch 25 percent more fish