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Author Question: Suppose 50 loaves of bread are demanded at a particular price. If that price rises by 2 percent, the ... (Read 103 times)

jon_i

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on: Jun 30, 2018
Suppose 50 loaves of bread are demanded at a particular price. If that price rises by 2 percent, the quantity demanded decreases to 49.5 loaves of bread. This implies that the:
 a. demand is elastic.
  b. demand is unit-elastic.
  c. price elasticity of demand is equal to 2.
  d. demand is inelastic.
  e. income elasticity of demand is equal to 0.5.

Question 2

The term used to describe a more realistic conception of human problem-solving that assumes less than perfect analysis is:
 a. framing.
 b. compartmentalizing.
 c. countercyclical policy.
  d. bounded rationality.


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irishcancer18

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Reply #1 on: Jun 30, 2018
Answer to Question 1

d

Answer to Question 2

d


jon_i

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Reply 2 on: Jun 30, 2018
Great answer, keep it coming :)

sultansheikh

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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