If the price of hotdogs increases by 10 percent and the quantity supplied by meat packing companies increases by 15 percent, what is the price elasticity of supply?
A) 1.65
B) 1.20
C) 0.67
D) 1.50
Answer: D
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The labels for the axes of the aggregate demand graph should be ________.
A. quantity of a product on the vertical axis and the price of a product on the horizontal axis B. real domestic output on the vertical axis and the price level on the horizontal axis C. real domestic output on the horizontal axis and the price level on the vertical axis D. price of a product on the vertical axis and quantity of a product on the horizontal axis
Gross domestic product (GDP) measures the
A) number of final goods and services produced in the economy in a given time period. B) number of final goods and services sold in the economy in a given time period. C) market value of old and new final goods and services sold in the economy in a given time period. D) market value of final goods and services produced in the economy in a given time period.
In Figure 3-3 above, when income is 700, unplanned inventory investment is
A) -180. B) 180. C) 300. D) -300. E) -120.
If goods X and Y are complements, then the cross price elasticity of demand between them will be
a. positive. b. negative. c. zero. d. infinity.