Inventory reductions caused by strong demand are signals to retailers to order more products
a. True
b. False
Indicate whether the statement is true or false
True
Economics
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You observed last week that the price of organic tomatoes in Ames was $4 per pound and that the total quantity of organic tomatoes consumed in Ames was 50 pounds. This week, you observe the price of organic tomatoes increased to $5 per pound and consumption decreased to 30 pounds. What is the elasticity of demand for organic tomatoes?
A. -2 B. -1.6 C. -1 D. -0.625
Economics
Tris is shopping for pants and belts. He has a budget of $100. The price of a pair of pants is $20 and the price of a belt is $5. His marginal utility schedules are above. What combination of pants and belts does Tris buy? Explain your answer
What will be an ideal response?
Economics