The midpoint formula for elasticity of demand solves the problem of:
A. whether elasticity of demand is really positive or negative.
B. whether to use quantity or price in the numerator.
C. which price or quantity to use as the initial value of the variable.
D. whether to use quantity demanded or supplied.
Answer: C
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Aggregate producer surplus in an industry is measured along the market supply curve is and only if firm production technologies exhibit the quasilinearity property.
Answer the following statement true (T) or false (F)
Which of the following groups has the highest infant mortality rate?
a. middle-income economies b. low-income economies c. high-income economies d. Western European economies e. all the world's economies
The major difference between stocks and bonds is
a. a stock is ownership in the corporation and a bond is a debt instrument of the corporation. b. a stock is a debt instrument of the corporation and a bond is ownership in the corporation. c. a stock has value in the marketplace and a bond does not. d. a bond has value in the marketplace and a stock does not.
Gross domestic product includes all
a. legal and illegal final goods, but it excludes all legal and illegal final services. b. legal and illegal final goods and all legal and illegal final services. c. legal final goods and services, but it excludes illegal final goods and services. d. legal and illegal final goods and legal final services, but it excludes illegal final services.