A fall in the price of lemons from 10.50 to 9.50 per bushel increases the quantity demanded from 19,200 to 20,800 bushels. The price elasticity of demand is
A) 0.80.
B) 1.20.
C) 1.25.
D) 8.00.
Question 2
U.S. residents come to believe that the dollar will appreciate in the future, that is, the exchange rate in the future will be higher than the current exchange rate. As a result
A) the demand curve for dollars shifts rightward.
B) the demand curve for dollars shifts leftward.
C) there is a movement downward along the demand curve for dollars.
D) None of the above answers are correct.
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