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1) If the price changes from $2.00 to $2.50, and in response the quantity demanded falls from 25 to 5, what is the price elasticity of demand equal to?
2) When Mr. Boudreaux's income increases from $40,000 to $44,000, his purchases of alligator sausage increase by 5 percent. His income elasticity of demand for alligator sausage is?
3) P = 349 - 2Q P = -2 + Q
What is the equilibrium P?
What is the equilibrium Q?
Suppose government imposes a price ceiling of $175 on this product. What will the impact be on quantity supplied? On quantity demanded?
Suppose government imposes a price ceiling of $101 on this product. What will the impact be on quantity supplied? On quantity demanded?
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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