Suppose when the price of a can of tuna is $1.30, the quantity demanded is 9, and when the price is $1.50, the quantity demanded is 7. Using the mid-point method, the price elasticity of demand is:
A. –1.75
B. –0.57
C. 0.57
D. 29 percent
A. –1.75
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If the money wage rate is constant and the price level increases, what happens to the real wage rate, firms' profits, and the aggregate quantity supplied?
What will be an ideal response?
The Danish currency, the krone, is pegged to the euro at a rate of 7.46 kroner (kroner is the plural of krone) to the euro. At the pegged exchange rate, how many euros would be exchanged for one krone?
A) 0.07 B) 0.13 C) 1.76 D) 7.46
Under the British Navigation Acts, enumerated goods were a list of colonial _______
a. exports showing how dependent the British were on the colonies. b. imports showing how dependent the colonies were on Britain. c. exports that had to be shipped through British middlemen. d. exports that were reserved for the crown.
If the national output cannot be increased unless the productive capacity or potential GDP increases, the aggregate supply curve is:
a. downward-sloping. b. U-shaped. c. vertical. d. upward-sloping. e. horizontal.