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 43 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
Wow, this really help

yeungji

  • Member
  • Posts: 319
Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

« previous next »
 

Did you know?

This year, an estimated 1.4 million Americans will have a new or recurrent heart attack.

Did you know?

According to the National Institute of Environmental Health Sciences, lung disease is the third leading killer in the United States, responsible for one in seven deaths. It is the leading cause of death among infants under the age of one year.

Did you know?

IgA antibodies protect body surfaces exposed to outside foreign substances. IgG antibodies are found in all body fluids. IgM antibodies are the first type of antibody made in response to an infection. IgE antibody levels are often high in people with allergies. IgD antibodies are found in tissues lining the abdomen and chest.

Did you know?

Acute bronchitis is an inflammation of the breathing tubes (bronchi), which causes increased mucus production and other changes. It is usually caused by bacteria or viruses, can be serious in people who have pulmonary or cardiac diseases, and can lead to pneumonia.

Did you know?

About 600,000 particles of skin are shed every hour by each human. If you live to age 70 years, you have shed 105 pounds of dead skin.

There is an inherent power differential between massage therapists and their clients. There is an inherent power differential between massage therapists and their clients.
The inguinal area. Take great care when applying deep pressure in this region The inguinal area. Take great care when applying deep pressure in this region
The seven chakras or energy centers in Ayurvedic philosophy. Courtesy of Rev. Larissa Dahroug, ... The seven chakras or energy centers in Ayurvedic philosophy. Courtesy of Rev. Larissa Dahroug, ...
Reconstruction Drawing Of The Great Temple Of Amun At Karnak Reconstruction Drawing Of The Great Temple Of Amun At Karnak
The Great Ocean Conveyor The Great Ocean Conveyor
Video: Fertilization and Development

For a complete list of videos, visit our video library