Bailey's Barber Shop knows that a 5% increase in the price of their haircuts results in a 15% decrease in the number of haircuts purchased. What is the elasticity of demand facing Bailey's Barber Shop?

In 2012, Country X and Country Y had the same production possibilities, illustrated in the figure above. Country X chose to produce at point A, while country Y chose to produce at point B

In 2018, most likely, Country X will be at point such as ________ while Country Y will be at point such as ________. A) A; B B) B; A C) N; Q D) Q; N

An economy produces at point a on the PPF shown in the above figure. A drought reduces the amount of wheat produced and the economy produces at point b. The opportunity cost of a unit of wheat ________

A) remains the same B) increases C) is impossible to calculate without numbers on the axes D) decreases