An increase in the demand for tattoos will lead to a:
a. higher price and a larger quantity sold. b. lower price and a larger quantity sold.
c. higher price and a smaller quantity sold. d. lower price and a smaller quantity sold
a
Economics
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Suppose the observed annual quantity of steel exchanged in the European market is 30 million metric tons, and the observed market price is 90 euros per ton. If the price elasticity of demand for steel is -0.3 in Europe, what is an appropriate value for the price coefficient (b) in a linear demand function ?
A. b = -0.9 B. b = 0.9 C.b = 0.1 D. b = -0.1
Economics
Jane spends her monthly dining-out budget of $300.00 on either steak or lobster dinners. Using the above figure, what is the price of a lobster dinner?
A) $10.00 B) $15.00 C) $20.00 D) $30.00
Economics