Price and total revenue move in opposite directions when demand is elastic

Suppose the star pitcher on a university's baseball team, who is now a sophomore, decides to finish college instead of joining a major league team. In doing this, he is giving up a $40,000 salary for each of the next two years. At an interest rate of 10 percent, the total value of this sacrifice is approximately

a. $46,000 b. $77,777 c. $69,420 d. $80,000 e. $88,000

The slow growth of U.S. incomes during the 1970s and 1980s can best be explained by

a. unstable economic conditions in Eastern Europe. b. increased competition from abroad. c. a decline in the rate of increase in U.S. productivity. d. a strong U.S. dollar abroad, hurting U.S. exports.