The absolute price elasticity of demand for a product for which annual expenditures make up a very small share of a typical consumer's budget is probably

The Lorenz curve in the above figure implies that

A) income is equally distributed. B) the lowest fifth of households account for less than 20 percent of income. C) the highest fifth of households account for less than 20 percent of income. D) the lowest fifth of households account for more than 20 percent of income.

The table above gives production information for Bob's Baseball Cap Company. Bob's total cost when zero caps are produced is $200 and workers cost $10 per hour. The average variable cost of producing 10 baseball hats per hour is

A) $1. B) $2. C) $20. D) More information is needed to answer the question.