The official dating of the most recent recession places its timing as

In early 2009 the price of computer memory chips rose. In a demand and supply model, shifts in what curve(s) could have brought about the higher price?

What will be an ideal response?

Suppose the market price for wheat changes, and we move from point A to point B on the wheat demand curve

If the price elasticity of wheat demand was -0.3 at point A and -0.4 at point B, what is a plausible value for the arc elasticity of demand for wheat between points A and B? A) -0.25 B) -0.35 C) -0.45 D) -0.70