If the elasticity of demand for peaches is 1.76 and the elasticity of demand for apples is 1.59, then consumers are
A) more sensitive to a change in the price of peaches than they are to a change in the price of apples.
B) less sensitive to a change in the price of peaches than they are to a change in the price of apples.
C) more sensitive to a change in the quantity of peaches than they are to a change in the quantity of apples.
D) less sensitive to a change in the quantity of peaches than they are to a change in the quantity of apples.
Question 2
Bill Bonecrusher graduates from college with a choice of playing professional football at 2 million a year or coaching for 50,000 a year.
He decides to play football, but eight years later, though he could continue to play football at 2 million a year, he quits football to make movies for 3 million a year. His opportunity cost of playing football at graduation was ________ and eight years later the opportunity cost of making movies was ________. A) 50,000; 2 million
B) 2 million; 2 million
C) 2 million; 3 million
D) 50,000; 50,000
Paul Cézanne: Green Apples, c.1873
The growing demand for electrical power, carbon sequestration and storage must be a priority
The growth in demand for oil in China is driven by the growth in demand for personal transport
The introduction of a new generation of electric and hybrid cars will reduce the demand for oil
The demand for energy is met by burning coal and other fossil fuels
The apples of today are larger and sweeter than their ancestors, thanks to hundreds of years