Suppose a rise in the price of peaches from $5.50 to $6.50 per bushel decreases the quantity demanded from 12,500 to 11,500 bushels. The price elasticity of demand is

The demand for a monopoly's output is p = 200 - Q. The monopoly's production function is Q = 2L, and the market wage is $4. How many units of labor will the monopolist employ at its profit maximization level of output?

A) L = 49.5 B) L = 4623 C) L = 198 D) L = 10

Assuming that the demand and supply of a good have moved in opposite directions, but by the same amount, the new equilibrium would represent: a. an increase in price and an increase in quantity exchanged

b. no change in price and an increase in quantity exchanged. c. a decrease in price and a decrease in quantity exchanged. d. an indeterminate change in price, but no change in quantity exchanged.