The price elasticity of demand for Stork ice cream is -4. Suppose you're told that following a price increase, quantity demanded fell by 10 percent. What was the percentage change in price that brought about this change in quantity demanded?
A) 40 percent
B) 25 percent
C) 2.5 percent
D) 0.4 percent
C
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Which of the following correctly describes how the "global pie is baked"?
A) The United States' share of economic pie is increasing while China's share is decreasing. B) The increase in manufacturing has taken place in mainly the advanced economies. C) Asia accounts for about 40 percent of the global pie. D) Emerging economies account for about 25 percent of the global pie. E) Advanced economies account for about 50 percent of the value of the world's production.
The opportunity costs associated with the use of resources owned by a firm are:
a. externalities. b. implicit costs. c. explicit costs. d. sunk costs.
Suppose that the CPI in 2009 is 220 and that the inflation rate is 5% in 2010 . What is the CPI in 2010?
What is the quantity of coffee supplied and the quantity of coffee demanded at the equilibrium price?
a. 3,000 pounds supplied; 3,000 pounds demanded
b. 5,000 pounds supplied; 5,000 pounds demanded
c. 5,000 pounds supplied; 7,000 pounds demanded
d. 3,000 pounds supplied; 7,000 pounds demanded