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Suppose the consumer originally chooses Point A and, after the increase in income, chooses Point B. What does this suggest about video games and movie tickets?  

Formulas and Standard Normal Table needed for the next problem:

Use the following information for the next 2 questions: Ace Cellular won a bid to construct 15 cell towers in King County. They have estimated the design and production of the first tower will require 9000 labor hours with an 80% learning curve. Skilled labor cost is $45/hour.  Formula: TN = T1C Learning Curve Coefficients (Unit Time and Total Time Multipliers) Steady State Unit 70% Unit Time 70% Total Time 75% Unit Time 75% Total Time 80% Unit Time 80% Total Time 85% Unit Time 85% Total Time 5 .437 3.195 .513 3.459 .596  3.738 .686  4.031 10 .306 4.932 .385 5.589 .477  6.315 .583  7.116 15 .248 6.274 .325 7.319 .418  8.511 .530  9.861 20 .214 7.407 .288 8.828 .381 10.485 .495 12.402 25 .191 8.404 .263 10.191 .355 12.309 .470 14.801 30 .174 9.305 .244 11.446 .335 14.020 .450 17.091 35 .160 10.133 .229 12.618 .318 15.643 .434 19.294 40 .150 10.902 .216 13.723 .305 17.193 .421 21.425

Instructions Answer each of the following essay questions. The given times below should be used as guidance for how long and detailed each answer should be. For the first essay, you should plan to spend about 40 to 60 minutes. For the second essay, you answer ONE of the two choices only.  Prepare to spend 30 to 40 minutes on this essay.  Again, analysis of specific examples, and logical reasoning, are expected. Open book, open notes. No other sources are to be used. Cite and analyze examples and reasons to support your answers. When copying phrases of two or more consecutive words from Revel, use quotation marks and a parenthetical page reference. When paraphrasing a passage from Revel, use a parenthetical page reference. Do not simply summarize Revel. I am not interested in your ability to parrot back what you read in your own words. Spend a couple of minutes thinking about organization and emphasis. I expect depth and specificity, but this is not a contest to see who can write the most words.

A 10% increase in the price of a product causes quantity demanded to decrease by 20%. What is the price elasticity of demand?

A 20% increase in price causes quantity demanded to decrease by 10%. Demand is:

If demand is perfectly inelastic, the demand curve is:

Benzodiazepines exert their effect by enhancing the action of:

A 26-pound Golden Retriever is prescribed diazepam at 0.5 mg/kg IV for seizures. Diazepam is available as a 5 mg/mL solution for injection. How many milliliters will you administer?

Ketamine should generally not be used as a sole anesthetic because: