The price elasticity of demand for eggs is 0.27. Thus, 0.27 is the:
A. percentage change in the quantity demanded of eggs when the price of eggs increases by one percent.
B. size of the shift in the demand for eggs when the price of eggs changes by one percent.
C. size of the percentage change in the quantity supplied of eggs when the demand for eggs changes due to a price change.
D. percentage change in the price of eggs when the quantity demanded of eggs increases by one percent.
A. percentage change in the quantity demanded of eggs when the price of eggs increases by one percent.
You might also like to view...
The table above shows the marginal costs and marginal benefits of college education. If the market for college education is perfectly competitive and unregulated, what is the price of college education?
A) $8,000 per year B) $12,000 per year C) $14,000 per year D) $16,000 per year
Money almost always serves as the standard unit for quoting prices. This is another way of saying money serves as a: a. medium of exchange. b. store of value
c. standard of value. d. commodity itself.
How much money would you have to put into a savings account today to be worth $500 three years from now at a market rate of interest equal to 8 percent?
A. $397 B. $420 C. $351 D. $459
In the twentieth century, Russian peasants noticed that during cholera epidemics there were lots of doctors around; in an attempt to eliminate cholera, they killed all the doctors. This is an example of
A. mistaking correlation with causation. B. the fallacy of opportunism. C. excessive abstraction. D. rationality. E. marginal analysis.