Refer to the following graph.
Which of the following curves demonstrates a unit elastic demand curve? (That is, a curve where elasticity is 1 at each point.)
A. A
B. B
C. C
D. None of the answers is correct.
Answer: D
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Suppose residents of Toadhop live on the Quabache River, a river prone to flooding. Suppose there are 1000 (type A) people who value flood control more than the 1000 (type B) people. Type A Demand QD = 100 ? P Type B Demand QD = 50 ? P Where Q measures the quality of flood control. If the price of a unit of flood control is $100,000 and the citizens of Toadhop gather for a townhall meeting to
find the socially optimal level of flood control, and they are successful, how much will each type B individual contribute in total? a. 1875 b. 1500 c. 875 d. 625
Entrepreneurial ability is defined as the ability to ______.
a. invent economic goods that will change society b. inspire others to reach their professional potential c. negotiate the lowest prices for scarce resources d. develop new products or production processes