Suppose that Bill budgets exactly $50 each month for fresh shrimp, regardless of whether shrimp is priced at $10 per pound, or is on sale for $4 per pound. Based on this information, Bill's price elasticity of demand is:

Consider a firm in the short run. Average product is at its maximum when

A) average product equals marginal product and marginal product is falling. B) marginal product is maximized. C) the maximum quantity of the variable input is employed. D) diminishing returns cease to operate. E) total product is maximized.

The riskiness of an asset is measured by

A) the magnitude of its return. B) the absolute value of any change in the asset's price. C) the standard deviation of its return. D) risk is impossible to measure.