Using Excel, Big Pies Pizzas estimates the log-linear weekly demand function for their pizza to be ln Qd = 8.23 - (1.50 × ln P). If Big Pies Pizzas increases the price of their pizzas from $10 to $12, which of the following will occur?
A) The predicted quantity (Qd ^) will increase.
B) The predicted quantity (Qd ^) will increase by approximately 52.48 pizzas.
C) The predicted quantity (Qd ^) will decrease by approximately 28.39 pizzas.
D) The predicted quantity (Qd ^) will decrease by approximately 62.89 pizzas.
C) The predicted quantity (Qd ^) will decrease by approximately 28.39 pizzas.
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Suppose the demand curve for a product is downward sloping and the supply curve is upward sloping. If a unit tax is imposed in the market for this product
A) the tax burden will be shared among the government, buyers and sellers. B) buyers bear the entire burden of the tax. C) the tax burden will be shared by buyers and sellers. D) sellers bear the entire burden of the tax.
Which government agency publishes four-firm concentration ratios?
A) the Economic Council B) the U.S. Bureau of the Census C) the Federal Reserve System D) the Treasury Department