Which of the following statements about the consumers’ responses to rising gasoline prices is correct? a. because gasoline is a necessity, consumers do not decrease their quantity demanded in either the short run or the long run. b. consumers react to a 10% increase in price with about a 10% decrease in quantity demanded in both the short run and long run. c. consumers decrease their quantity demanded more in the short run than in the long run. d. consumers decrease their quantity demanded more in the long run than in the short run.

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What part of the rational model of decision-making does the former business executive “elliott” have a problem completing?

You are the manager of a large crude-oil refinery. as part of the refining process, a certain heat exchanger (operated at high temperatures and with abrasive material flowing through it) must be replaced every year. the replacement and downtime cost in the first year is $165 comma 000. this cost is expected to increase due to inflation at a rate of 7% per year for six years (i. e. until the eoy 7), at which time this particular heat exchanger will no longer be needed. if the company's cost of capital is 15% per year, how much could you afford to spend for a higher quality heat exchanger so that these annual replacement and downtime costs could be eliminated?