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Author Question: Refer to Table 3-3. The table above shows the demand schedules for Kona coffee of two individuals ... (Read 187 times)

KimWrice

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Refer to Table 3-3. The table above shows the demand schedules for Kona coffee of two individuals (Luke and Ravi) and the rest of the market. If the price of Kona coffee falls from 6 to 4, the market quantity demanded would
 
  A) increase by 61 lbs. B) increase by 110 lbs.
  C) increase by 26 lbs. D) decrease by 89 lbs.

Question 2

Assume that when the price of cantaloupes is 2.50 the demand for cantaloupes is unit-elastic, and that the demand curve for cantaloupes is linear and downward sloping.
 
  If firms lower the price of cantaloupes to 2.00 which of the following statements can be made regarding the price elasticity of demand for cantaloupes?
  A) The demand for cantaloupes at 2.00 must be elastic.
  B) The demand for cantaloupes at 2.00 must be unit elastic.
  C) We cannot determine whether the demand for cantaloupes is elastic or inelastic without knowing what the quantity demanded is at each price.
  D) The demand for cantaloupes at 2.00 must be inelastic.


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KimWrice

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Reply 2 on: Jun 29, 2018
Wow, this really help


kusterl

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Reply 3 on: Yesterday
Great answer, keep it coming :)

 

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