Given that the own-price elasticity of demand for shoes is -2.6, if the price of shoes rises by 8, what will happen to the quantity of shoes demanded?
a. It will decrease by 20.8
b. It will increase by 20.8
c. It will decrease by 2.6
d. It will decrease by 2.6
Question 2
Recently, the American Medical Association changed its recommendations on the frequency of pap-smear exams for women. The new frequency recommendation was designed to address the family histories of the patients. The optimal frequency should be where the marginal benefit of an additional pap-test:
a. equals zero.
b. is greater than the marginal cost of the test
c. is lower than the marginal cost of an additional test
d. equals the marginal cost of the test
e. both a and b.
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