Jim is planning on attending a football game. He spent 40 on the ticket. He will have to take the day off losing 8 hours of work. His hourly wage is 10 . He estimates it will cost him around 20 for gas and parking at the game. Jim's total economic cost of attending the game equals
a. 80
b. 40
c. 60
d. 140
Question 2
You own two different energy drink brands with similar elasticities: Blue Cow and 600 minute energy.. If you reduce the price on Blue Cow, you can only increase your total sales if
a. Prices for 600 minute energy are increased
b. Prices for 600 minute energy are reduced
c. Prices for 600 minute energy stay constant
d. None of the above
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