# Question

Larry demands strawberries according to the schedule P = 40 - (Q/2), where P is the price of strawberries ($/pint) and Q is the quantity (pint/ wk). Assuming that the income effect is negligible, how much will he be hurt if the price of strawberries goes from $1/pint to $2/pint?

## Answer to relevant Questions

The only DVD rental club available to you charges $4 per movie per day. If your demand curve for movie rentals is given by P = 20 - 2Q, where P is the rental price ($/day) and Q is the quantity demanded (movies per year), ...Find the present value of $50,000 to be received after 1 year if the annual rate of interest isa. 8 percent b. 10 percent c. 12 percentHerb wants to work exactly 12hr/wk to supplement his graduate fellow-ship. He can either work as a clerk in the library at $6/hr or tutor first- year graduate students in economics. Pay differences aside, he is indifferent ...Suppose the messiness of apartments is measured on a scale from 0 to 100, with 0 the cleanest and 100 the messiest. Suppose also that the distribution of apartments by messiness is as shown in the diagram. That is, suppose ...Smith has an investment opportunity that pays 33 with probability 1/2 and loses 30 with probability 1/2. a. If his current wealth is M = 111, and his utility function is U = √M, will he make this investment? b. Will he ...Post your question

0