Q. The Teenager Company makes also sells skateboards at an average cost of $70 each. Over the past yr it sold 4000 of these skateboards. The company believes that the cost elasticity for this product is about -2.5. If it decreases the cost to $63, illustrate what should be the quantity sold. Will revenue increase? Elucidate why?
Q. John Adams wrote his wife that his office is the "most insignificant office that was the invention of man." Illustrate what office is he referring to?