At a price of $4.50/pound, people buy 55 pounds of chocolate cream candy. At a price of $5.50/pound, people buy 45 pounds of chocolate cream candy. What is the arc elasticity of demand for chocolate cream candy in this price range?

The above figure shows the domestic market for wheat. Suppose this market is isolated from global competition. The with no government intervention, the equilibrium price is ________ and the equilibrium quantity is ________

A) $15 per ton; 100 million tons B) $14 per ton; 250 million tons C) $12 per ton; 300 million tons D) $12 per ton; 250 million tons E) $15 per ton; 400 million tons

Cost curves shift if i. technology changes. ii. the prices of factors of production change. iii. productivity changes

A) only i B) i and iii C) only ii D) i and ii E) i, ii, and iii