Suppose a fishing boat currently brings 10,000 fish to market and earns a profit of $40,000 when the price of fish is $8 . Suppose the boat dealer had overcharged the boat owner for the boat and refunded the overcharged amount. If the profit increases to $7.50 per fish, what was the value of the refund from the dealer?

When the price of oranges increases from $4 to $6 per bag, the quantity demanded of oranges decreases from 800 bags to 700 bags. The price elasticity of demand over this price range is equal to

A) 3. B) 3/7 or 0.4286. C) 1/3 or 0.3333. D) 1/4 or 0.25.

Shaniq consumes only magazine and CDs. Her income equals $60 per month. CDs are $12 each and magazines are $5 each. What is the equation for her budget line?

A) $60 = Qm + QCD B) $60 = $12Qm + $5QCD C) 12 = -2Qm + 6 D) $60 = 12QCD + 5Qm