Joe's Campus Grille priced its hamburgers at $2.00, they sold 200 per week. When the price was $3.00, they sold 150 per week. Based on this information and using the average-values formula, the absolute value of the price elasticity of demand for hamburgers is A. 2.00 B. 1.41 C. 0.50 D. 0.71 Based on the above calculation, demand for hamburgers is considered to be ▼ inelastic unit-elastic elastic .

Consumer surplus is: the difference between the price of a product and what consumers were willing to pay for the product. the difference between the discounted price of a product and its retail price. the difference between the price paid by consumers and the price required of producers. the difference between the price of a product and consumers' valuation of the last unit of the product purchased.

1) u.s. real gdp is substantially higher today than it was 60 years ago. what does this tell us, and what does it not tell us, about the well-being of u.s. residents? what are the limitations of the gdp as a measure of economic well-being? given the limitations, why is gdp usually regarded as the best single measure of a society’s economic well-being? 2) what is an intermediate good? how does an intermediate good differ from a final good? explain why it is the case that the value of intermediate goods produced and sold during the year is not included directly as part of gdp, but the value of intermediate goods produced and not sold is included directly as part of gdp.

If the economy were in the contracting phase of the business cycle, how might that affect your ability to find work?