This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Suppose the Good Food supermarket increases the price of a pound of bananas from .75 to 1.25 and ... (Read 183 times)

maegan_martin

  • Hero Member
  • *****
  • Posts: 532
on: Jun 30, 2018
Suppose the Good Food supermarket increases the price of a pound of bananas from .75 to 1.25 and finds that the quantity of bananas it sells per month drops from 1,500 to 1,000 . The price elasticity of demand coefficient for bananas in this price range is:
 a. 0.80 b. 3.00.
  c. 2.00 d. 0.50.

Question 2

Suppose the quantity demanded of steak is 200 million pounds per year when the price is 6 per pound and 400 million pounds per year when the price is 2 per pound. The price elasticity of demand for steak over this range is:
 a. elastic.
  b. inelastic.
  c. unitary elastic.
  d. perfectly elastic.
  e. perfectly inelastic.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

stanleka1

  • Sr. Member
  • ****
  • Posts: 325
Reply #1 on: Jun 30, 2018
Answer to Question 1

a

Answer to Question 2

b


maegan_martin

  • Hero Member
  • *****
  • Posts: 532
Reply #2 on: Jun 30, 2018
Thank you


stanleka1

  • Sr. Member
  • ****
  • Posts: 325
Reply #3 on: Jun 30, 2018
No problemo


« previous next »
 

Did you know?

Dogs have been used in studies to detect various cancers in human subjects. They have been trained to sniff breath samples from humans that were collected by having them breathe into special tubes. These people included 55 lung cancer patients, 31 breast cancer patients, and 83 cancer-free patients. The dogs detected 54 of the 55 lung cancer patients as having cancer, detected 28 of the 31 breast cancer patients, and gave only three false-positive results (detecting cancer in people who didn't have it).

Did you know?

Cocaine was isolated in 1860 and first used as a local anesthetic in 1884. Its first clinical use was by Sigmund Freud to wean a patient from morphine addiction. The fictional character Sherlock Holmes was supposed to be addicted to cocaine by injection.

Did you know?

Glaucoma is a leading cause of blindness. As of yet, there is no cure. Everyone is at risk, and there may be no warning signs. It is six to eight times more common in African Americans than in whites. The best and most effective way to detect glaucoma is to receive a dilated eye examination.

Did you know?

Immunoglobulin injections may give short-term protection against, or reduce severity of certain diseases. They help people who have an inherited problem making their own antibodies, or those who are having certain types of cancer treatments.

Did you know?

Many medications that are used to treat infertility are injected subcutaneously. This is easy to do using the anterior abdomen as the site of injection but avoiding the area directly around the belly button.

Dose-response relationship. As the dose of a drug increases, a maximal response or plateau is ... Dose-response relationship. As the dose of a drug increases, a maximal response or plateau is ...
Food, friends, and football . . . a way of life Food, friends, and football . . . a way of life
Kidney beans, steak, and iron-fortified bread and cereal are good sources of iron Kidney beans, steak, and iron-fortified bread and cereal are good sources of iron
Food that may carry pathogens that should be avoided by pregnant women Food that may carry pathogens that should be avoided by pregnant women
Classical Conditioning and Food Classical Conditioning and Food
Indigotine (Food Additive) Indigotine (Food Additive)
Video: Gas exchange - partial pressure, locations, external and internal respiration

For a complete list of videos, visit our video library