Suppose the quantity demanded of ice cream cones increases from 400 to 425 cones a day when the price is reduced from $1.50 to $1.25. In this situation, the elasticity of demand, calculated using the average method, is
A) 3.
B) 1.
C) 0.33.
D) 1.33.
C
Economics
You might also like to view...
Which of the following is a term for the total value of a firm's outstanding shares?
A) market value B) intrinsic value C) fair value D) fairness value
Economics
Dissaving occurs when the consumption function lies below the 45-degree line
a. True b. False Indicate whether the statement is true or false
Economics
Refer to Figure 2-9. The opportunity cost of obtaining 15 additional toasters by moving from point D to point C is
a. 10 toothbrushes. b. 20 toothbrushes. c. 30 toothbrushes. d. none of the above; the economy cannot move from point D to point C.
Economics
Individual employment and training programs are levers most likely to be advocated by:
A. Classical economists. B. New classical economists. C. Keynesians. D. Supply-side economists.
Economics