Reference no: EM13789180
Looking for assistance with Microecon ASAP.
Suppose that Mimi plays golf 5 times per month when the price is $40 and 4 times per month when the price is $50. What is the price elasticity of Mimi's demand curve? Use the Midpoint Method to answer this problem.
A) 1.0
B) 0.1
C) 0.8
D) 10.0
Youth smoking seems to be more ______ than adult smoking-that is, the quantity of youth smoking will fall by a greater percentage than the quantity of adult smoking in response to a given percentage increase in price.
A) Elastic
B) Inelastic
C) Cross-price elastic
D) Unitary elastic
When economists are sketching examples of demand and supply, it is common to sketch a demand or supply curve that is close to vertical, and then refer to that curve as _____
A) Elastic
B) Inelastic
C) Unitary elasticity
D) Income elasticity
When economists are sketching examples of demand or supply that is close to horizontal, they refer to that demand or supply curve as _____
A) Having zero elasticity
B) Inelastic
C) elastic
D) Price inelasticity
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