Data show that in 2012, the college enrollment in Lithasia increased. In the same year, the sale of hotdogs in Lithasia also increased. The relationship between college enrollment and the sale of hotdogs exhibits:

If a 1 percent increase in price leads to a .7 percent increase in quantity supplied, the short-run supply curve is:

a. elastic. b. inelastic. c. unit elastic. d. perfectly inelastic.

If you are to receive a payment of $200 at the end of the first year and a payment of $250 at the end of the second year and the market interest rate is 5 percent, the present value of this income stream is

a. $400.37 b. $417.23 c. $450.00 d. $475.37 e. $490.13