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Author Question: Jaycee Jeans sold 40 pairs of jeans at a price of 40. When it lowered its price to 20, the quantity ... (Read 97 times)

MirandaLo

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on: Jun 29, 2018
Jaycee Jeans sold 40 pairs of jeans at a price of 40. When it lowered its price to 20, the quantity sold increased to 60 pairs. Calculate the absolute value of the price elasticity of demand. Use the midpoint formula.
 
  A) 1.67 B) 1.0 C) 0.6 D) 0.53

Question 2

Summarize the effects of a production quota on the market price and the quantity produced.
 
  What will be an ideal response?
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ansleighelindsey

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

C

Answer to Question 2

A production quota set below the equilibrium quantity raises the price and decreases the quantity.


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