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Author Question: The price elasticity of demand for wheat is 0.42. A drought cuts the supply of wheat. What will ... (Read 256 times)

yoooooman

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on: Jun 29, 2018
The price elasticity of demand for wheat is 0.42. A drought cuts the supply of wheat. What will happen to the farmers' total revenue?
 
  A) The total revenue will increase.
  B) The total revenue will decrease.
  C) The total revenue will not change.
  D) There is not enough information to determine what happens to the total revenue.

Question 2

In the above figure, the economy is initially at point B. If the exchange rate falls, there is
 
  A) a movement to point C.
  B) a movement to point A.
  C) a shift to AD2.
  D) a shift to AD1.


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GCabra

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

A

Answer to Question 2

D


yoooooman

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Reply 2 on: Jun 29, 2018
Great answer, keep it coming :)

epscape

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Reply 3 on: Yesterday
Excellent

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