« previous next »

Author Question: Last October, due to an early frost, the price of a pumpkin increased by 10 percent compared to the ... (Read 53 times)

CORALGRILL2014

  • Hero Member
  • *****
  • Posts: 525
on: Jun 29, 2018
Last October, due to an early frost, the price of a pumpkin increased by 10 percent compared to the price in the previous Halloween season. As a result, the quantity demanded county-wide decreased from 2 million to 1.5 million.
 
  Based on this statement, it is certain that the A) demand curve for Halloween costumes shifted leftward.
  B) price elasticity of demand for pumpkins decreased from its value in previous years.
  C) demand curve for pumpkins shifted leftward.
  D) total revenue from the sale of pumpkins decreased.

Question 2

In the figure above, the demand curve shifts rightward from D0 to D1. There are no rent controls. In the short run, the increase in demand results in
 
  A) higher rents and a decrease in the equilibrium quantity.
  B) lower rents and a decrease in the equilibrium quantity.
  C) higher rents and an increase in the equilibrium quantity.
  D) lower rents and an increase in the equilibrium quantity.


paavo

  • Sr. Member
  • ****
  • Posts: 301
Reply #1 on: Jun 29, 2018
Answer to Question 1

D

Answer to Question 2

C


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question

CORALGRILL2014

  • Hero Member
  • *****
  • Posts: 525
Reply #2 on: Jun 29, 2018
Thank you :)


paavo

  • Sr. Member
  • ****
  • Posts: 301
Reply #3 on: Jun 29, 2018
Happy to help you


« previous next »
 

Did you know?

Human stomach acid is strong enough to dissolve small pieces of metal such as razor blades or staples.

Did you know?

The Centers for Disease Control and Prevention has released reports detailing the deaths of infants (younger than 1 year of age) who died after being given cold and cough medications. This underscores the importance of educating parents that children younger than 2 years of age should never be given over-the-counter cold and cough medications without consulting their physicians.

Did you know?

Never take aspirin without food because it is likely to irritate your stomach. Never give aspirin to children under age 12. Overdoses of aspirin have the potential to cause deafness.

Did you know?

One way to reduce acid reflux is to lose two or three pounds. Most people lose weight in the belly area first when they increase exercise, meaning that heartburn can be reduced quickly by this method.

Did you know?

Methicillin-resistant Staphylococcus aureus or MRSA was discovered in 1961 in the United Kingdom. It if often referred to as a superbug. MRSA infections cause more deaths in the United States every year than AIDS.

Methicilli ...
Evolution of the Sun's luminosity, radius and effective temperature compared to the present Sun Evolution of the Sun's luminosity, radius and effective temperature compared to the present Sun
Atmospheric CO2 Concentrations Increased Very Rapidly during the Last 200 Years Atmospheric CO2 Concentrations Increased Very Rapidly during the Last 200 Years
Early-maturing boys tend to be advantaged because they often fit cultural ideals of masculinity. Early-maturing boys tend to be advantaged because they often fit cultural ideals of masculinity.
The effect of a few days of early monocular deprivation on the structure of axons projecting from ... The effect of a few days of early monocular deprivation on the structure of axons projecting from ...
Effects of septal defects: (A) normal shunt; no cyanosis; (B) increased pressure in right ventricle; ... Effects of septal defects: (A) normal shunt; no cyanosis; (B) increased pressure in right ventricle; ...
Early growth of the common bean (Phaseolus vulgaris), a typical eudicot. Early growth of the common bean (Phaseolus vulgaris), a typical eudicot.
Video: Bacteriophage (Virus) - Mice Experiment

For a complete list of videos, visit our video library