If the price elasticity of demand for apples is 0.8, then a 2.4% increase in the price of apples will decrease the quantity demanded of apples by
a. 1.92%, and apples sellers' total revenue will increase as a result.
b. 1.92%, and apples sellers' total revenue will decrease as a result.
c. 3%, and apples sellers' total revenue will increase as a result.
d. 3%, and apples sellers' total revenue will decrease as a result.
a
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Economists call the physical cost of changing prices
A) menu costs. B) increasing profits. C) inflationary suffrage. D) the cost of doing business.
If a macroeconomist studying the causes of unemployment suspects that changes in technology might play a role, then this macroeconomist is at which step in the process of developing an economic model?
A) Identify the exogenous variables. B) Identify the endogenous variables. C) Compare the model with the data. D) Conduct prediction and policy analysis. E) Develop a model.
Which of the following factors are important in the determination of growth rates of output in the intermediate run?
a. Variations in the rates of capital formation. b. Changes in population growth. c. Changes in money growth. d. All of the above. e. None of the above.
Table 11-2 QTRTC89590910293 10110100 11112105 12115110 ? In Table 11-2, the price at the profit-maximizing output is how much?
A. $15 B. $7 C. $10 D. $11