Chapter 6 Assignment
1.) It makes no differnece because in the end it all equals the same thing.
3.) If the income elasticity coefficient is negative that means that they arent getting enough people to come and should lower prices or t
Chapter 1 Quiz
1.) Economics is how the market process works. It details how wealth is made by people and
how they spend that wealth in their community. Economics describes how people use resources
that are limited, the various uses they have for these re
Chapter 1 Assigned Problems
2. Pham can work as many or as few hours as she wants at the college bookstore for $9 per hour.
But due to her hectic schedule, she has just 15 hours per week that she can spend working at either the bookstore or at other poten
Chapter 4 Quiz
1.) The consumer surplus is the difference between the total price that the buyer is willing to pay
or able to pay for a good or service. The equilibrium price is when the supply of something
matches the demand. They are inversely because i
Chapter 8 Assignment
6.) Yes, I feel that Ike would feel emotionally neutral at the end of the day. I feel this way because he had just found out that morning that he got the $1,000 dollars, then in the evening he is
told that he has
Chapter 5 Assignment
1.) They may feel that they need to know whats going on. Everyone should have some kind of
idea what is going in the economy, even if they may not understand at first.
1.) A - Reallocate resources