Open Question: I need help please ....?

11.As the manager of a hotel, you want to increase occupancies by 6 percent. It has been determined that the price elasticity of demand for rooms in your hotel is 0.5. This information implies: a.the demand for rooms in your hotel is elastic. b.if you lower your rates by 12 percent, then you will increase occupancies by 6 percent. c.if you lower your rates, your total revenue will rise. d.there must be many substitutes for your hotel services. 12.If you are an economist consulting with management as to how to increase profit, you would most likely recommend: a.raising prices knowing that demand is elastic. b.raising prices knowing that demand is inelastic. c.lowering prices knowing that demand is elastic. d.lowering prices knowing that demand is inelastic. 13.In regard to taxation: a.who will end up bearing the burden of the tax is known as the incidence of the tax. b.the person who physically pays the tax is the same person who bears the burden of the tax. c.the more elastic one’s relative supply and demand, the greater the burden of the tax one will bear. d.tax burdens are generally shared equally. 14.A widely adopted new technology in farming causes: a.farmers to produce at a lower cost, therefore they become rich. b.prices to fall, allowing farmers to sell more, thereby increasing their profits. c.farmers to lose money, since most of them refuse to adopt the new technology. d.farmers to lose revenue since the demand for food is inelastic meaning the price declines proportionally faster than the rise in quantity sold. 15.Paulo is deciding where to spend his spring vacation. A trip to the Cancun will give him 4,000 units of satisfaction and cost $600. A trip to Fort Lauderdale will give him 3,000 units of satisfaction and cost him $425. Paulo will most likely do best going to: a.Cancun because his total pleasure will be greatest. b.Fort Lauderdale because it is cheapest. c.Cancun because his pleasure per dollar will be greatest. d.Fort Lauderdale because his pleasure per dollar will be greatest. 16.Regarding accounting profit and economic profit: a.economic profit = total revenue â€" total cost. b.a calculation for economic profit is required when filling out an income tax return. c.accounting profit includes owners’opportunity costs while economic profit does not. d.economic profit = explicit and implicit revenue â€" explicit and implicit cost. 17.A firm is producing 100 units of output at a total cost of $800. The firm’s average variable cost is $5 per unit. The firm’s: a.marginal cost is $8. b.total variable cost is $300. c.average fixed cost is $3. d.average total cost is $500. 18.Economic efficiency: a.means the same thing as technical efficiency. b.means that as few inputs as possible are used to produce a given output. c.is that method that produces a given level of output at the lowest possible cost. d.has nothing to do with labor-intensive inputs. 19.A business owner makes 600 items by hand in 200 hours. She could have earned $30 an hour working for someone else. If the item sells for $40 each, and the explicit costs total $8,000, then: a.total revenue equals $8,000. b.implicit costs equal $6,000. c.the accounting profits equal $10,000. d.the economic profit equals $16,000. 20.Which of the following does not characterize perfect competition? a.Competitive firms sell an identical product. b.There are so many firms selling output in the market that no one individual firm has the ability to control the market price. c.Economic profits cannot be earned in the long run. d.The demand curve facing the competitive firm is downward sloping. 21.In a market, factor prices do not increase as industry output increases. Economists call this market: a.a constant-cost industry. b.an increasing-cost industry. c.a decreasing-cost industry. d.a capital-intensive industry. 22.A significant difference between a monopolist and a competitive firm is that: a.a monopoly is a price taker, whereas a competitive firm is a price maker. b.the monopolist faces the market demand curve which is downward sloping, whereas the competitive firm’s demand curve is perfectly inelastic at the market price. c.the monopoly’s marginal revenue curve is downward sloping and lies below its demand curve, whereas the competitive firm’s marginal revenue curve is vertical. d.a monopolist possesses barriers to entry into its market, whereas the competitive firm has no such barriers to entry. 24.Patents: a.serve the public interest in that it is more efficient for a single supplier to supply the market than for many suppliers to do so. b.are illegal if the owner of the patent charges the public a high price. c.create monopolies. d.discourage inventors from thinking up new products. 25.Kellogg’s, the breakfast-food people, comprises one of four corporations that control about 92 percent of i