You observed last week that the price of tomatillos was $4 per pound and that the total quantity of tomatillos consumed in Ames was 50 pounds. This week, you observe that the price of tomatillos increased to $6 per pound and the consumption decreased to 30 pounds. Based on your observations, calculate the elasticity of demand for tomatillos.
A. -2
B. -1.6
C. -0.8
D. -0.5
Ans: C. -0.8
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Will depletable resources such as oil, coal, and aluminum be exhausted if their prices are left to the market?
What will be an ideal response?
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