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

Levi and Beverly paid 20% down on a house valued at $165,000 in 1994.  They upgraded the house entirely in 2003, when they refinanced their mortgage for $165,000.  If they sell the house in 2018 for $190,000, what would be the value of their equity in the home?   

A  ________________ operates directly between a saver with financial assets to invest and an entity who will receive those assets in exchange for paying a ________________ .

Generally, market competition and technology can

Jackie has invested $25,000 for a 10 period at a guaranteed interest rate of 9%.  If Jackie decides to sell her investment before the 10-year period has ended, she may receive less if the interest rates at that time are lower.  Jackie is a _____

Both Wisconsin and Illinois border Lake Michigan. The lake is becoming polluted and both states are deciding whether or not to clean it. If Wisconsin decides to clean the lake it will cost 1200 and generate social benefits of 1500 – however, Wisconsin will receive only 1100 of those social benefits while neighbor Illinois will receive the other 400. If Illinois cleans the lake, it will cost them 700 and generate social benefits of 900 – however, Illinois will receive only 600 of those benefits, Wisconsin will receive the remaining 300. If a state does not clean the lake, it experiences a cost of $0. If both states clean the lake, the payoffs will be