If elasticity of demand for your firm’s services is – 4, this means that a 20% increase in the price of your services would result in

a) an increase in your revenue.

b) a 5% decrease in the quantity of services demanded.

c) an 80% decrease in the quantity of services demanded.

d)   a 5% increase in the quantity of services demanded.

e) none of the above.

Accompanying the bank statement was a credit memo for a short-term note collected by the bank for the customer. What entry is required in the company's accounts?

George owns a ranch in Montana. He pays $22,000 per year in insurance, $100,000 in wages, and $23,000 in supplies. He could have earned $58,000 per year as a police officer if he didn't own the ranch. His total revenue last year equaled $200,000. That means his economic _____ equaled _____.

Sean made $60,000 last year. His employer collected and remitted $20,000 in taxes to the Canada Revenue Agency. If Sean’s current marginal tax rate is 35% and he expects his marginal tax rate in retirement to be 25%, how much tax will he save by making a $5,000 RRSP contribution this year?

During times of National Debt (such as now), the government must come up with ways to increase the National Revenue (tax collection). Describe the consequences, both positive and negative, of increasing taxes on upper income individuals and lower income individuals. Which of these would be most beneficial to society as a whole? Please be clear in the argument for each.

An economist needs a deep understanding of price elasticity concepts and their applicability in today’s economy. 4.1 Define price elasticity of demand and how it is measured.

4.2 Explain the FIVE (5) categories of price elasticity of demand.

4.3 Explain the relationship between the total revenue from the sales of a product and the price elasticity of the demand for the product.

Based on the table below, what was the profit of the firm?

Suppose a perfectly competitive paper firm can produce 10 tons of paper at an output level where marginal revenue is equal to marginal cost. The price per ton of paper is $80 and the average total cost is $95. Suppose the total fixed cost = $100. How much is the profit if the firm shuts down?