Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Business Economics Expert

problem about Basic concepts in Microeconomics

1. The Interior Department recently announced that it will increase the entrance fees at Yellowstone National Park in order to increase park revenues. The Interior Department must believe that:

A. Park goers are very responsive to price changes.
B. The demand for park services is elastic.
C. The percentage increase in fees will be greater than the percentage decrease in the number of park visitors.
D. Demand is unitary elastic, and thus the number of visitors will NOT decrease.

2. If the price elasticity of DVD recorders is -0.325 and price increases 20%, what happens to the quantity of DVD recorders demanded?

A. Quantity decreases by 26%
B. Quantity decreases by 6.5%
C. Quantity increases by 15%
D. Quantity increases by 21%

 

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M925609

Have any Question? 


Related Questions in Business Economics

In the mid 1980s female nurses became increasingly aware

In the mid 1980s female nurses became increasingly aware that a relatively large number of attractive job opportunities existed outside the medical service industry. In fact large number of colleges offered life and tran ...

Opponents of free trade often argue that trade with other

Opponents of free trade often argue that trade with other countries destroys domestic jobs; it threatens industries that are vital to national security; it inhibits the chances of a new domestic industry from surviving; ...

Assume yoursquove just been assigned to a project to

Assume you’ve just been assigned to a project to determine the future demand for natural gas in a rapidly growing community where the population is expanding because of the influx of several large employers. The communit ...

Florida citrus mutual an agricultural cooperative

Florida Citrus Mutual, an agricultural cooperative association for citrus growers in Florida, needs to predict what will happen to the price and output of Florida oranges under the conditions below. What are your predict ...

On october 29 2014 lobo co began operations by purchasing

On October 29, 2014, Lobo Co. began operations by purchasing razors for resale. Lobo uses the perpetual inventory method. The razors have a 90-day warranty that requires the company to replace any nonworking razor. When ...

A teacher has taught high school for twenty years and has

A teacher has taught high school for twenty years and has become increasingly annoyed with the disruption that tardiness creates. still, the teacher cares about all students and wants them to be successful. how would bia ...

Acording to the chief engineer at the zodiac company q

According to the chief engineer at the Zodiac Company, Q = ALK , where Q is the output rate, L is the rate of labor input, and K is the rate of capital input. Statistical analysis indicates (regression analysis) that = 0 ...

Making a java program with in which i to create a main in

Making a Java program with in which I to create a main() in it and another code file with a separate class. Also needs creating objects of the class in the running program. The system handles employee records and process ...

Analyze a recently published article that deals with a

Analyze a recently published article that deals with a government action intended to alleviate a market failure. Evaluate this decision in light of the potential or realized unintended consequences and the role that tran ...

1 dumping is illegal in international trade but is

1. Dumping is illegal in international trade, but is practiced by some countries/companies. Describe how a company or country would be accused of committing "dumping". 2. Define and provide examples of tariff, import quo ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate