Suppose the extra cost for a company to advertize for one extra day each week on a local TV station is 1,500. Then, the company should advertize on that additional day if it can generate total revenue of 1,500 each week.
Indicate whether the statement is true or false
Question 2
A newspaper story on the effect of higher milk prices on the market for ice cream contained the following:
As a result of the increase in milk prices, retail prices for ice cream are up 4 percent from last year. . . .
And ice cream consumption is down 3 percent.
Source: John Curran, Ice Cream, They Scream: Milk Fat Costs Drive Up Ice Cream Prices, Associated Press, July 23, 2001.
Based on the information given, what is the price elasticity of demand for ice cream?
A) 12
B) 0.75 (in absolute value)
C) 1.33 (in absolute value)
D) We do not have enough information to calculate the elasticity.
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