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 203 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?

The most dangerous mercury compound, dimethyl mercury, is so toxic that even a few microliters spilled on the skin can cause death. Mercury has been shown to accumulate in higher amounts in the following types of fish than other types: swordfish, shark, mackerel, tilefish, crab, and tuna.

Did you know?

Signs and symptoms of a drug overdose include losing consciousness, fever or sweating, breathing problems, abnormal pulse, and changes in skin color.

Did you know?

A recent study has found that following a diet rich in berries may slow down the aging process of the brain. This diet apparently helps to keep dopamine levels much higher than are seen in normal individuals who do not eat berries as a regular part of their diet as they enter their later years.

Did you know?

Your skin wrinkles if you stay in the bathtub a long time because the outermost layer of skin (which consists of dead keratin) swells when it absorbs water. It is tightly attached to the skin below it, so it compensates for the increased area by wrinkling. This happens to the hands and feet because they have the thickest layer of dead keratin cells.

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.

Simple food web of an Arctic island. NOTE: The indication of detritivores and pathogens was not part Simple food web of an Arctic island. NOTE: The indication of detritivores and pathogens was not part
Food Chain Food Chain
Food Digestion Steps Food Digestion Steps
Cross-sectional data showing that the amount of effort spent on personal health care increases with Cross-sectional data showing that the amount of effort spent on personal health care increases with
Good body mechanics for sitting on chair while performing massage. A. Sit with back and head in ... Good body mechanics for sitting on chair while performing massage. A. Sit with back and head in ...
Comparing a Food Chain and a Food Web Comparing a Food Chain and a Food Web
Video: Stomach peristalsis & Enterogastric reflex

For a complete list of videos, visit our video library