Suppose you are given the following demand data for a product.PriceQuantity Demanded$1030940850760670Using the regular percentage change formula, what is the price elasticity of demand when price increases from $6 to $7?
A. -0.525
B. -1
C. -0.856
D. -1.166
Answer: C
You might also like to view...
Over 20% of high school dropouts are under the poverty line
Indicate whether the statement is true or false
A perfectly competitive firm has a random marginal cost with a 60 percent chance of a high marginal cost of $100 and a 40 percent chance of a low marginal cost of $90. What is the firm's expected marginal cost?
A) $94 B) $98 C) $92 D) $96
The government can borrow money from both the bond market and the loanable funds market
a. True b. False Indicate whether the statement is true or false
If a consumer concludes that the marginal utility of the last dollar spent on vegetables exceeds the marginal utility of the last dollar spent on junk food, he will respond by
A) consuming relatively more junk food and fewer vegetables. B) consuming relatively more vegetables and less junk food. C) consuming equal amounts of vegetables and junk food. D) halting consumption of junk food altogether.