Good X has a PED of 1.2, Good Y has a PED of 0.8. If the XED of good X is 2.3. What is the percent change in price of good X if the demand of good Y changes by 55%?
158.125%
68.75%
131.771%
55%
Which of the following products will experience a price change due to the current drought in Colombia? Select all that apply
Corn
Airplane tickets
Roses
Colombian Gold
Cars
School tuition
Night at a hotel
The study of economics wouldn't be as easy if it wasn't for which of the following?
Ceteris Paribus
Government
Free Trade
The 4 scarce resources
If total cost is equal to variable cost + fixed cost what would explain that Change in TC is equal to change in VC?
With ceteris paribus FC should not be taken into account
FC is not a measure of money so it is irrelevant
Change in FC=0
The statement in the question is not true
Which of the following goods will never have disutility.
Money
Rare items
Collections
All of the above
Which of the following mathematical equations explain why a PED rectangular hyperbola curve will always be unitary elastic?
y=mx+b
f'(x)=(dy)/(dx)
y'=lnx
y=1/x
The price of airplane tickets increases by 257%, which of the following goods will be demanded more? select all that apply
Haircuts
Local goods over imported goods
Train tickets
Car wheels
Music Discs
books
What explains that PES is unitary elastic when its curve touches the origin?
Y=mX so they change proportionally
It's in between being inelastic and elastic
it doesn't have a y intercept
The Free origin law of economics
Which of the following are examples of internal economies of scale? Check all that apply
The government lower taxes
there is a new cinema 2 blocks away from your business
the company buys raw materials by bulk
the company has great communication within itself
the company has a greedy manager
The PED curve has a direct relationship with the AD curve
