This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Larissa is a famous attorney with a great reputation in court. She charges her clients 300 for each ... (Read 90 times)

cabate

  • Hero Member
  • *****
  • Posts: 537
on: Jun 30, 2018
Larissa is a famous attorney with a great reputation in court. She charges her clients 300 for each hour she spends working on their cases. If she earned 450,000 in hourly wages last year, and by raising her rates to 350 per hour her income increased to 490,000 what can we say about the elasticity of demand for Larissa's legal services?
 a. It is approximately equal to 2.3.
  b. It is approximately equal to 1.6.
  c. It is approximately equal to 1.0.
  d. It is approximately equal to 0.45.
  e. It is approximately equal to 0.1.

Question 2

Which of the following statements is true?
 a. b and d.
  b. Total revenue is maximized when elasticity is one.
  c. Goods are said to be price inelastic when the elasticity is greater than two.
  d. Demand for milk is more elastic than demand for football tickets.
  e. Demand for 5-cent candy is more elastic than demand for sweaters.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

itsakadoozi

  • Sr. Member
  • ****
  • Posts: 317
Reply #1 on: Jun 30, 2018
Answer to Question 1

d

Answer to Question 2

b


cabate

  • Member
  • Posts: 537
Reply 2 on: Jun 30, 2018
Excellent

alexanderhamilton

  • Member
  • Posts: 334
Reply 3 on: Yesterday
:D TYSM

« previous next »
 

Did you know?

When taking monoamine oxidase inhibitors, people should avoid a variety of foods, which include alcoholic beverages, bean curd, broad (fava) bean pods, cheese, fish, ginseng, protein extracts, meat, sauerkraut, shrimp paste, soups, and yeast.

Did you know?

Nearly 31 million adults in America have a total cholesterol level that is more than 240 mg per dL.

Did you know?

A recent study has found that following a diet rich in berries may slow down the aging process of the brain. This diet apparently helps to keep dopamine levels much higher than are seen in normal individuals who do not eat berries as a regular part of their diet as they enter their later years.

Did you know?

Famous people who died from poisoning or drug overdose include, Adolf Hitler, Socrates, Juan Ponce de Leon, Marilyn Monroe, Judy Garland, and John Belushi.

Did you know?

The National Institutes of Health have supported research into acupuncture. This has shown that acupuncture significantly reduced pain associated with osteoarthritis of the knee, when used as a complement to conventional therapies.

The Great Lakes— America’s “Fourth Coast” The Great Lakes— America’s “Fourth Coast”
An 1872 Grant campaign poster of “Our Three Great Presidents” at best got it two-thirds right. An 1872 Grant campaign poster of “Our Three Great Presidents” at best got it two-thirds right.
Great Wild Goose Pagoda at Ci'én Temple, Xi'an, Shanxi. Great Wild Goose Pagoda at Ci'én Temple, Xi'an, Shanxi.
Portuguese Warrior Surrounded by Manillas, Court of Benin, Nigeria. Portuguese Warrior Surrounded by Manillas, Court of Benin, Nigeria.
Allows access to the nut that has a stud plus other locations needing great depth, such as spark ... Allows access to the nut that has a stud plus other locations needing great depth, such as spark ...
Transposition of the great arteries. Transposition of the great arteries.
Video: Primary Active Transport - electrochemical gradient and ion transport / water movement

For a complete list of videos, visit our video library