Exploring Microeconomics (MindTap Course List)
Exploring Microeconomics (MindTap Course List)
7th Edition
ISBN: 9781285859453
Author: Robert L. Sexton
Publisher: Cengage Learning
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Chapter 6, Problem 17P
To determine

Whether a pair of products are substitutes, complements or neither are based upon the following estimates for cross-price elasticity of demand;

a) 0.5

To determine

Whether a pair of products are substitutes, complements or neither are based upon the following estimates for cross-price elasticity of demand;

a) -0.5

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What are the answers for parts a and b? Thanks
What are the answers for a,b,c,d? Are they supposed to be numerical answers or in terms of a variable?
Sue is a sole proprietor of her own sewing business. Revenues are $150,000 per year and raw material (cloth, thread) costs are $130,000 per year. Sue pays herself a salary of $60,000 per year but gave up a job with a salary of $80,000 to run the business. ○ A. Her accounting profits are $0. Her economic profits are - $60,000. ○ B. Her accounting profits are $0. Her economic profits are - $40,000. ○ C. Her accounting profits are - $40,000. Her economic profits are - $60,000. ○ D. Her accounting profits are - $60,000. Her economic profits are -$40,000.
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