The price of a new textbook increases from 120 to 160, while the price of used copies of the textbook increased from 80 to 100. Other things being equal, we would expect
A) the quantity demanded of the used textbook to increase and the quantity demanded of the new textbook to decrease.
B) the quantity demanded of both to fall.
C) the demand for the new textbook to increase and the demand for the used textbook to decrease.
D) the quantity demanded of the used textbook to decrease and the quantity demanded of the new textbook to increase.
Question 2
Which of the following would most likely be part of the study of microeconomics?
A) how General Motors makes decisions regarding its production goals
B) national income
C) the total economic output of our domestic economy
D) overall price stability in the United States
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Cost = $99.49; Rate of markup based on cost = 32%. Find the markup and selling price.