To an economist, individuals are acting "rationally" if they are striving to do their best to achieve their goals

Calculate the arc price elasticity of demand for wheat in the two situations below:

The Wheat Market Farmer Brown's Wheat Old price; $3.40/bu Old price; $3.40/bu Old quantity; 2.5 billion bu Old quantity; 28,000 bu New price; $3.20/bu New price; $3.20/bu New quantity; 2.525 billion bu New quantity; 35,000 bu Can you account for the difference in elasticities?

Karl Marx viewed socialism only as a transition to the ideal state of communism

a. True b. False Indicate whether the statement is true or false