Star’s Sandwich Shop knows that a 5 percent increase in the price of their sandwiches results in a 15 percent decrease in the number of sandwiches purchased.  What is the elasticity of demand facing Star’s Sandwich Shop?

The information below sets out the estimated market shares for the cellular phone manufacturing market.   Firm Market Share Nokia 36% Fujitsu 3% Kyocera 3% LG 6% Motorola 16% Samsung 6% Sanyo 4% Siemens 7% Sony Ericsson 11% Plus 8 more firms with 1% each   Based on this information, the four-firm concentration ratio is

___________  requires an insurance policyholder to pay a percentage of a loss, and the insurance company pays the remaining cost.

An insurance policyholder must pay a _______________ for each ______________ service, before insurance covers the rest.

Suppose that Marasi plays golf 5 times per month when the price is $40 and 4 times per month when the price is $50. What is the price elasticity of Marasi’s demand curve?

Suppose that Wayne purchases 1 pizza per month when the price is $19 and 3 pizzas per month when the price is $15. What is the price elasticity of Wayne’s demand curve?

Refer to the budget line shown in the diagram above.  At point U, __________. 

Refer to the above diagram. Explain which of the following is true and why: the BC line is diagonal because the amount spent on both goods is less or equal to income. the consumer will find that every point along the I3 line is outside the budget constraint.  the consumer will find the highest utility where x and y just touch the I2 line. all of the above and the consumer can choose any point on or below the budget constraint line BC. 

Kimmalyn has $24 per week in her entertainment budget. She splits her time between going to the movies and yoga classes. Each movie costs $8 while each yoga class costs $3. The total utility from each of these activities is set out in the table below.  Movies Total Utility Yoga Classes Total Utility 0 0 0 0 1 40 1 30 2 75 2 55 3 105 3 76 4 130 4 92 5 160 5 106     6 114     7 116     8 117 What is Kimmalyn’s total utility maximizing point? Hint: Your answer should look something like this: # movie(s), # yoga class(es)

The information below sets out the estimated market shares for the cellular phone manufacturing market are given in the table below.   Firm Market Share Nokia 36% Fujitsu 3% Kyocera 3% LG 6% Motorola 16% Samsung 6% Sanyo 4% Siemens 7% Sony Ericsson 11% Plus 8 more firms with 1% each   If Samsung were to acquire Sanyo, the Herfindahl-Hirschman Index would be