If the demand curve for a new brand of golf balls has the following two points on it, p1 = $15, q1 = 1,200 and p2 = $25, q2 = 800, which of the following statements is correct?
l) the price elasticity of demand is .8
ll) the price elasticity of demand is 2.0
lll) the price elasticity of demand is -1.5
lv) the demand is inelastic
v) the demand is elastic
a) only iii and iv are correct.
b) only ii and v are correct.
c) only ii is correct.
d) only iii and v are correct.
e) only i and iv are correct.

Suppose an economist believes that the price level in the economy is directly related to the money supply, or the amount of money circulating in the economy. the economist proposes the following relationship: p=a x m - p=price level - m=money supply - a=a composite of other factors, including real gdp, that change very slowly over time. how might an economist gather empirical data to test the proposed relationship between money and the price level? an economist would persuade the federal reserve to change the money supply to various levels, and observe the resulting changes in the price level. unlike researchers in the hard sciences, economists cannot study complex relationships using data. economists do not usually develop theoretical models of the economy but only analyze summary statistics about the current state of the economy. an economist would look for data on past changes in the money supply, and note the resulting changes in the price level

He taylor company sells music systems. each music system costs the company $100 and will be sold to the public for $250. in year one, the company sells 100 gift cards to customers for $250 each ($25,000 in total). these cards are valid for just one year, and company officials expect them to all be redeemed. in year two, only 96 of the cards are returned. what amount of net income does the company report for year two in connection with these cards? a. $15,000b. $15,400c. $15,500d. $15,800

Which type of market are you in if your company, along with three other companies, controls 95 percent of the total music industry?