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Econ2030 Test1 pg5

# Econ2030 Test1 pg5 - .‘n.’ ‘ ~ l"A 24 You have...

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Unformatted text preview: .‘n.’ ‘ . . ~ _'_; l "A ' 24 You have one hour to catch a ﬂight to Miami for spring break. It takes 45 minutes to drive to the . airport. Your car is almost out of gas; the price of gas at the closest gas station is higher than at the one on the other side of the town. To you, the price elasticity of demand for gas is likely to be than it would be if you had several hours before the ﬂight. c. more elastic (1. no different e. lower 25. You have one hour to catch a ﬂight to Miami for spring break. It takes 45 minutes to drive to the airport. Your car is almost out of gas; the price of gas at the closest gas station is higher than at the one on the other side of the town. To you, the price elasticity of demand for gas is likely to be than it would be if you had several hours before the ﬂight. 1 c. more elastic (1. no different 6. lower 50 Ill ‘ Number of Chickens 0 1o 20 30 4o 50 Number of Turkeys ,"\ ». ~26. Refer to the graph above. Suppose that the Opportunity cost of producing 10 chickens is always 8 turkeys. Given this, the relevant production possibility curve must be: ...
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