If the price of hamburger meat increases by 20 percent and the quantity supplied by meat packing companies increases by 30 percent, what is the price elasticity of supply?
A) 1.65
B) 1.20
C) 0.67
D) 1.50
D
You might also like to view...
Refer to the scenario above. Rebecca should place a bid of ________
A) $40,500 B) $45,000 C) $50,000 D) $55,000
What is the relationship between the balance of trade and the current account balance?
What will be an ideal response?
Which of the following is NOT a condition for third degree price discrimination?
A) Monopoly power B) Different own price elasticities of demand C) Economies of scale D) Separate markets
Which of the following features was prominent in the airline industry during the 1950s?
a. The airlines had to concentrate on cost reduction. b. The airlines had to lower the frequency of flights to meet rising costs. c. The airlines served food prepared by their own employees or by other airlines. d. The airlines industry was revolutionized by low-cost budget airlines.