Consumers regard Dell computers and Apple computers as substitutes. If the price of a Dell computer decreases, the  

The above figure shows the production possibility frontier for a country. Suppose the country is producing at point D. What is the opportunity cost of increasing the production of rice to 15 tons?

Figure 2-8   Refer to Figure 2-8. Efficient production is represented by which point(s)?

At a price of $20, Lori sells 35 knitted scarves per week. When she raised her price to $25, she sold 28 per week. Based on this information, the demand for her knitted scarves is

Suppose the price of a DVD rose from $15 to $17 and the quantity demanded decreased from 1,000 per month to 900 per month. Using the midpoint formula, the ________ percent change in price lead to a ________ percent change in the quantity demanded.

Suppose that the price of a money clip increases from $0.75 to $0.90 and quantity supplied rises from 8,000 units to 10,000 units. Use the midpoint formula to calculate the price elasticity of supply.  

Suppose the cross-price elasticity of demand between grapefruit juice and orange juice is approximately 6. What does this mean?  

Suppose you own a bookstore. You believe that you can sell 40 copies per day of the latest J. K. Rowling novel when the price is $35. You consider lowering the price to $25 and believe this will increase the quantity sold to 50 books per day. Compute the price elasticity of demand using the midpoint formula and these data. Select the correct implication from your work.

The above figure shows the market for game day t-shirts. If the price of t-shirts is $12, then  

Figure 2-7   Refer to Figure 2-7. This economy cannot produce at which point(s)?