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Author Question: If a 4 percent rise in the price of peanut butter lowers the total revenue received by the producers ... (Read 69 times)

notis

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on: Jun 29, 2018
If a 4 percent rise in the price of peanut butter lowers the total revenue received by the producers of peanut butter by 4 percent, the demand for peanut butter
 
  A) is elastic.
  B) is inelastic.
  C) is unit elastic.
  D) has an elasticity of 2.0.

Question 2

In the above figure, suppose the economy had been at point A and now is at B. What could have led to the movement to B?
 
  A) a tax hike
  B) an increase in government expenditures on goods and services
  C) Winter storms cause factories in the north to be shut down for several weeks.
  D) an increase in the money wage rates


moormoney

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

A

Answer to Question 2

B


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