True or False: A 10% reduction in price that leads to a 2% decrease in total expenditures (or total revenue) indicates a price elasticity of more than 1 (in absolute value).

(30 total points) suppose a firm’s production function is given by q = l1/2*k1/2. the marginal product of labor and the marginal product of capital are given by: mpl = 1/ 2 1/ 2 2l k , and mpk = 1/ 2 1/ 2 2k l . a) (12 points) if the price of labor is w = 48, and the price of capital is r = 12, how much labor and capital should the firm hire in order to minimize the cost of production if the firm wants to produce output q = 18?

Suppose there is a 6 percent increase in the price of good x and a resulting 6 percent decrease in the quantity of x demanded. price elasticity of demand for x is a. 0 b. 6 c. 1 d. 36

How might non-industrialized countries be impacted by the foreign exchange market?