When a product's price increases from $800 to $1,200, the quantity demanded decreases from 11,000 to 9,000 . Based on this information, the price elasticity of demand (in absolute terms) is estimated to be equal to:
a. 0.5

The increase in the demand for widgets, shown in the figure above, is the result of an increase in the price of McBoover devices from $9 to $11. Therefore, the cross-price elasticity for these two products is

A) -2.0. B) -0.5. C) 0.5. D) 2.0.

Refer to Table 1-6. What is Ivan's marginal benefit if he decides to stay open for six hours instead of five hours?

A) $10 B) $20 C) $30 D) $91.67