For a firm to maximize total profits through price discrimination, it should
a. Charge a high price to consumers with an inelastic demand and low price to consumers with an elastic demand
b. Charge a low price to consumers with an inelastic demand and high price to consumers with an elastic demand
c. Charge the same price to both sets of consumers by maximizing at MR=MC on the elastic demand
d. Charge the same price to both sets of consumers by maximizing at MR=MC on the inelastic demand
a
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An increase in the price of cameras results in a decrease in the demand for film. The two products are
a. complements. b. unrelated. c. defective d. substitutes
Nation;s real GDP was $520 billion in 2013 and $550 billion in 2014. Its population was 150 million in 2013 and 155 million in 2014. On the other hand, Nation B's real GDP was $200 billion in 2013 and $210 billion in 2014; and its population was 53 million in 2013 and 55 million in 2014. Which of the following statements is true?
A. Nation A's real GDP growth in 2014 is higher than Nation B's B. Nation B's real GDP growth in 2014 is higher than Nation A's C. Nation A's real GDP growth in 2014 is identical to Nation B's D. Nation A's and Nation B's real GDP growth rates in 2014 are both higher than 10%