On any given day, a salesman can earn $0 with a 30% probability, $100 with a 20% probability, or $300 with a 50% probability. His expected earnings equal

Accounting profit is the sum of a firm's revenue and its opportunity costs

Indicate whether the statement is true or false

The value of the absolute price elasticity of demand for good X is 4. The absolute price elasticity for good Y is 1. Which good's quantity demanded is more responsive to a change in price?

A) Good X B) Good Y C) They are equally responsive. D) Not enough information is given.