Refer to Table 4-1. The table above lists the highest prices three consumers, Tom, Dick, and Harriet, are willing to pay for a short-sleeved polo shirt. If the price of the shirts falls from $28 to $20
A) Harriet will receive more consumer surplus than Tom or Dick.
B) Tom will buy two shirts; Dick and Harriet will each buy one shirt.
C) consumer surplus increases from $14 to $35.
D) consumer surplus will increase from $70 to $95.
C
Economics
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Using the data in the table above, the growth rate of real GDP for 2010 is equal to
A) 4.76 percent. B) 10.0 percent. C) 9.09 percent. D) 5.00 percent. E) 7.00 percent.
Economics
Suppose a firm manager has a base salary of $175,000 and earns 0.5 percent of all profits. Determine the manager's income if revenues are $10,000,000 and profits are $5,000,000.
A. $150,000 B. $225,000 C. $300,000 D. $200,000
Economics