The calculated price elasticity of demand:
A. is always a negative number, although it is sometimes reported as an absolute value.
B. is sometimes negative and sometimes positive, depending on the magnitude of response.
C. is always a positive number, because price and quantity are directly related in terms of demand.
D. can be positive or negative, but is always reported as an absolute value.
A. is always a negative number, although it is sometimes reported as an absolute value.
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What two parts of the government determine the federal budget?
A) the Congress and the President B) the Congress and the Federal Reserve C) the Federal Reserve and the FOMC D) the U.S. Treasury and the Federal Reserve E) the President and the Federal Reserve
Robinson spends all his income on mangos and bananas. Mangos cost $3 per pound and bananas cost $1 per pound. The marginal utility is 30 for the last pound of mangos purchased and 8 for the last pound of bananas
To maximize his utility, Robinson should buy A) more mangos and fewer bananas. B) more bananas and fewer mangos. C) the present combination of goods. D) only bananas.