When the price of pistachio nuts is $7.50 per lb. the quantity demanded is 48 lbs. When the price of pistachio nuts is $9.00 per lb. the quantity demanded is 40 lbs. When the midpoint formula is used to measure the price elasticity of demand we can say
that the demand for pistachio nuts is
A) relatively, but not perfectly, elastic.
B) unit elastic.
C) completely inelastic.
D) relatively, but not perfectly, inelastic.
Answer: B
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In the above table, the working age population is
A) 225 million. B) 100 million. C) 140 million. D) 155 million.
When the Federal Reserve increases the money supply, people spend more because interest rates fall
Indicate whether the statement is true or false
Any factor that increases resource availability causes a(n)
a. increase in AD b. decrease in AD c. increase in AS d. decrease in AS e. movement to the right along the existing AS curve
On the basis of the above demand and supply data, the demand for this product is elastic in the $8-$7 price range
Indicate whether the statement is true or false.