What is the percent change in price when the price drops from $6 to $5? Assume your answer is a percent and enter a numeric value only.

Scenario 1:  Suppose you are a salesperson is a high end clothing store known for its personal service.  You receive a salary plus a commission equal to 10% of the sales/revenues that you sell.  The manager of your store informs you that prices of the clothing in your store will increase by 10%.  (1) Assuming everything else remains the same, would you be happy or sad about the price increase?  Explain why or why not. Scenario 2:  Suppose you are a salesperson at Macy’s,  a department store.  You receive a salary plus a commission equal to 10% of the sales/revenues that you sell. Macy’s informs you that price of the clothing in your store will increase by 10%.  (2) Assuming everything else remains the same, would you be happy or sad about the price increase?  Explain why or why not.

The following table shows the quantity D of wheat, in billions of bushels, that wheat consumers are willing to purchase in a year at a price P, in dollars per bushel. D = quantity of wheat P = price 1.0 $2.05 1.5 $1.75 2.0 $1.45 2.5 $1.15 In economics, it is customary to plot D on the horizontal axis and P on the vertical axis, so we will think of D as a variable and of P as a function of D. (a) Show that these data can be modeled by a linear function. For each increase of 0.50 in D there is      of   in P. Find its formula. (Use P for price and D for quantity.)P =  −.6d+265      (b) Add the graph of the linear formula you found in part (a), which is called the market demand curve, to the following graph based on the following table for market supply curve. S = quantity of wheat P = price 1.0 $1.35 1.5 $2.40 2.0 $3.45 2.5 $4.50

Consider Tralfamadore, a hypothetical country that produces only burgers. In 2018, a burger is priced at $4.00. Complete the first row of the table with the quantity of burgers that can be bought with $700. Hint: In this problem, assume it is not possible to buy a fraction of a burger, and always round down to the nearest whole burger. For example, if your calculations result in 1.5 burgers, the answer should be 1 burger. Price of a Burger Burgers Bought with $700 Year (Dollars) (Quantity) 2018 4.00 2019 Suppose the government of Tralfamadore cannot raise sufficient tax revenue to pay its debts. In order to meet its debt obligations, the government prints money. As a result, the money supply rises by 20% by 2019. Assuming monetary neutrality holds, complete the second row of the table with the new price of a burger and the new quantity of burgers that can be bought with $700 in 2019. The impact of the government's decision to raise revenue by printing money on the value of money is…