Given that the own-price elasticity of demand for shoes is -2.6, if the price of shoes rises by 8, what will happen to the quantity of shoes demanded?
a. It will decrease by 20.8
b. It will increase by 20.8
c. It will decrease by 2.6
d. It will decrease by 2.6
Question 2
Recently, the American Medical Association changed its recommendations on the frequency of pap-smear exams for women. The new frequency recommendation was designed to address the family histories of the patients. The optimal frequency should be where the marginal benefit of an additional pap-test:
a. equals zero.
b. is greater than the marginal cost of the test
c. is lower than the marginal cost of an additional test
d. equals the marginal cost of the test
e. both a and b.
Myocardial Oxygen supply and demand
Many ideologies stem from older theories. The ideas of the philosophers are simplified. Ideologies
Photographer unknown, Man with Big Shoes.
Classic Supply - Demand Curve
The demand for oil can be reduced significantly with the introduction of new higher vehicle mileage
The introduction of a new generation of electric and hybrid cars will reduce the demand for oil