The market demand for wheat is Q = 100 - 2p + 1 , where is the price of barley. If the price of wheat is $2, the price elasticity of demand
A) equals (-4/46).
B) equals (-46).
C) equals (-1).
D) cannot be calculated without more information.
D
Economics
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Answer the following questions true (T) or false (F)
1. The short run is the time period during which a firm has at least one input constraint. 2. A characteristic of the long run that is not available in the short run is that a firm is free to vary its output. 3. Consider a manufacturing operation that uses specialized machinery and labor to produce its output. In this case, the input that is not fixed in the short run is labor.
Economics
Refer to the graphs below. They show the long-run average total cost (LRATC) for cars. For which graph is the output level Q0 at minimum efficient scale?
A. Graph A
B. Graph B
C. Graph C
D. Graph D
Economics