【題目】：Assume that we have a demand curve of the form.log(Q)=a-b×log(P)+c×log(I), where Q=quantity, P=price, I=income, and a, b, and c are positive constants. The income and price elasticities for the demand curve represented above are always 【答案】：constant.
【題目】：「Last October, due to an early frost, the price for a pumpkin increased by 10 percent.As a result, the quantity demanded decreased from 2 million to 1.5 million.」 Based on this statement, the 【答案】：demand for pumpkins is elastic.
【題目】：A profit-maximizing firm in a competitive market is able to sell its product for $7. At its current level of output, the firm’s average total cost is $10. The firm’s marginal cost curve crosses its marginal revenue curve at an output level of 9 units. The firm experiences a 【答案】：l ...
【題目】：The expansion of capital that can occur in the long-run but not in the short-run, means that the long-run supply is 【答案】：more elastic than the short-run supply curve.
題目：Suppose that the price of eggs increases from 75 cents to $1.00 per dozen and as a result a typical farmer experiences a decrease in egg sales from 300 to 200 dozen per week. Using the method of average values, the price elasticity of demand is 答案：1.4
【題目】：Apples and oranges are substitute goods. A freeze in Florida destroyed a good portion of the orange crop. Ceteris paribus, the price of 【答案】：both apples and oranges will rise.
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