Using the midpoints formula, what would be price elasticity of demand for a gallbladder operation if the number of operations fell from 6,000 to 4,000 per week after its price increased from $6,000 to $10,000?

Consider the market for heart transplants. The demand for a heart transplant is perfectly inelastic and the supply is upward sloping. If a $1,000 tax per transplant is imposed on sellers, how will the tax burden be divided between the buyer and seller?

Copy the following using the equation editor.  Click on the arrow next to the plus sign in the box, then click on Equation, and then click on Graphical Equation.  You will have a box within a window that you will type into, and you will be able to insert mathematical symbols using the menu above it. 3x+4{“version”:”1.1″,”math”:”3x+4″}

When a tax on a good is enacted,

Price (dollars per bushel) Quantity demanded (bushels) 8 2,000 7 4,000 6 6,000 5 8,000 4 10,000 3 12,000 The table above gives the demand schedule for snow peas. If the price of snow peas rises from $6.00 to $7.00 a bushel, total revenue will

Missouri can produce 15,000 tons of pecans per year or 40,000 tons of pears per year. Washington can produce 12,000 tons of pecans per year or 24,000 tons of pears per year. If these two states were to engage in trade, which of the following is true?

The elasticity of demand for gasoline is estimated to be around 0.01. This implies that if gas prices increased by 10 percent, then

Exhibit 5-5  Demand curve for computersIn Exhibit 5-5, the change in total revenue resulting from a change in price from A to D indicates that the demand curve is:

Suppose that demand increases AND supply decreases. What would you expect to occur in the market for the good?

In the above figure, when the efficient quantity of gloves is produced, the consumer surplus is