Suppose you are given the following demand data for a product.PriceQuantity Demanded$1030940850760670Using the regular percentage change formula, what is the price elasticity of demand when price decreases from $9 to $7?

Mining of "conflict diamonds" tends to:

A. be more profitable as warring factions are willing to pay more for the diamonds. B. occur at a slower pace than would maximize the long-term stream of profits because war increases extraction costs. C. occur at a pace slower than would maximize the long-term stream of profits since the war disrupts production. D. occur at a pace faster than would maximize the long-term stream of profits since warring factions extract diamonds as quickly as possible due to fears that they may soon lose control of the diamond mines.

One of the important contributions of behavioral economics is the focus on how people make decisions involving:

A. Goods and services B. Inputs and outputs C. Good things and bad things D. Prices and money