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Author Question: The Economics in Action in the text mentions that the elasticity of demand for agricultural products ... (Read 32 times)

SO00

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on: Jun 29, 2018
The Economics in Action in the text mentions that the elasticity of demand for agricultural products is 0.42. If a drought boosts the price of corn 25 percent, then we can calculate the quantity of corn demanded ________.
 
  A) increased by 10.5 percent
  B) decreased by 10.5 percent
  C) increased by 8.4 percent
  D) decreased by 8.4 percent

Question 2

In the above figure, suppose the economy is initially at point A. People come to expect the future U.S. exchange rate to be lower. As a result, there is a change from point A to a point such as ________.
 
  A) point B
  B) point C
  C) point D
  D) point E


moormoney

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Reply #1 on: Jun 29, 2018
Answer to Question 1

B

Answer to Question 2

D


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