Question 1:

Which of the following is likely to have the most price elastic demand?

Vegetables

Flowers

Toilet paper

Water

When price exceeds average variable cost in the short run, a competitive firm's marginal cost curve is regarded as its supply curve because a. among the various cost curves, the marginal cost curve is the only one that slopes upward. b.

Martha owns an event management firm. During the holiday season, especially during Christmas, she finds herself overloaded with work, which often makes her feel irritable and anxious. To calm herself, she often takes time out to go swimming.

You expect to receive $5,000 at graduation one year from now. Your plan is to invest this money at 6.5 percent, compounded annually, until you have $50,000. At that time, you plan to travel around the world.

On may 1, shilling company, inc. sold merchandise in the amount of $5,800 to anders, with credit terms of 2/10, n/30. the cost of the items sold is $4,000. shilling uses the gross method of recording sales and a perpetual inventory system.

Since Tanya Martin retired, she has used income from her investment in the Alger Mid Cap growth fund to supplement her other retirement income. During one three-month period, the fund grew by $14,000.

A firm has hired you as a consultant. This firm is perfectly competitive and has no control over price. This firm is selling 10,000 units at a price of $2. Total costs are $30,000. Total variable costs are $25,000.

Stock in 1999 your parents bought $3000 worth of stock. in 2000 the value of the stock jumped to $6000. however since that time, the stock has decreased in value by 6.5% per year.

True or False: When a country is too small to affect the world price, allowing free trade will have a non-negative effect on total surplus in that country, regardless of whether it imports or exports as a result of international trade. True False

Assume Canada can either produce three bushels of barley or six bushels of hay in a set period of time, and China can produce either two bushels of barley or three bushels of hay in a set period of time.

The financial statements for Harold Corporation contained the following information: Accounts receivable $ 5,000 Sales revenue 75,000 Cash 15,000 Salaries and wages expense 20,000 Rent expense 10,000 How much was Harold's net income?