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Author Question: The above figure shows the demand curve for crude oil. If the market price is $10 a barrel, what is ... (Read 200 times)

future617RT

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on: Jun 18, 2019


The above figure shows the demand curve for crude oil. If the market price is $10 a barrel, what is the price elasticity of demand?
◦ -500
◦ -.02
◦ -10
◦ -1
Microeconomics ¦ Perloff ¦ 8th Edition
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Marked as best answer by future617RT on Jun 18, 2019

fromAlphatoOmega22

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Reply #1 on: Jun 18, 2019
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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future617RT

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Reply #2 on: Jun 18, 2019
Excellent


fromAlphatoOmega22

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Reply #3 on: Jun 18, 2019
Great! Please up vote :D


viki

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Reply #4 on: Jun 18, 2019


The above figure shows the demand curve for crude oil. The demand curve has unitary price elasticity when price equals
◦ $20.
◦ $0.
◦ $1.
◦ $10.


Jane

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Reply #5 on: Jun 18, 2019
$10.


frankwu

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Reply #6 on: Jun 18, 2019


The above figure shows the demand curve for crude oil. Suppose the price is currently $15. A supply shock suddenly raises the price to $17. What happens with the crude oil sales revenue?
◦ Crude oil sales revenue increases by less than $250.
◦ Crude oil sales revenue declines by less than $300.
◦ Crude oil sales revenue declines by more than $300.
◦ Crude oil sales revenue stays the same.


angrybirds13579

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Reply #7 on: Jun 18, 2019
Crude oil sales revenue declines by more than $300.


frankwu

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Reply #8 on: Jun 18, 2019
Excellent


angrybirds13579

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Reply #9 on: Jun 18, 2019
Great! Please up vote :D


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