Economics (Irwin Economics)
21st Edition
ISBN: 9781259723223
Author: Campbell R. McConnell, Stanley L. Brue, Sean Masaki Flynn Dr.
Publisher: McGraw-Hill Education
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Chapter 13.1, Problem 1QQ
To determine
Price in the imperfect market.
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Total revenue equals
Question 2 options:
a)
price times quantity
b)
price divided by quantity
c)
(price times quantity) / total cost
d)
output-input
Mark is selling groumet apples at a price of $3 per pound. Currently he sells 150 pounds of apples per week. This week, mark raises his price to $5, and his sales of apples falls to 100 lbs.
marks initial revenue from apple sales was ___
Marks new revenue from apple sales is ___
Question 3 In the car rental industry, each car rental firm typically offers many different types of carsat different prices. However, during a long period when US households’ income(consumer income) got lower, firms tended to offer fewer types of cars (fewer versions).about versioning, what could be the possible reason?Possible reason:
Chapter 13 Solutions
Economics (Irwin Economics)
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