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Author Question: If a 10 percent increase in the price of tomatoes leads to a 20 percent decrease in quantity ... (Read 47 times)

Alainaaa8

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on: Jun 30, 2018
If a 10 percent increase in the price of tomatoes leads to a 20 percent decrease in quantity demanded, then the price elasticity of demand for tomatoes, , equals -2.
 a. True
  b. False
  Indicate whether the statement is true or false

Question 2

There are two types of costs associated with production: ____ costs that require monetary payments, and ____ costs that do not.
 a. implicit; accounting
  b. accounting; explicit
  c. implicit; explicit
 d. explicit; implicit


softEldritch

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Reply #1 on: Jun 30, 2018
Answer to Question 1

True

Answer to Question 2

d


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Alainaaa8

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Reply #2 on: Jun 30, 2018
Thank you


softEldritch

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Reply #3 on: Jun 30, 2018
No problemo


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