Multiple Choice
The price elasticity of demand for potatoes is estimated to be -1.3,and the quantity demanded of potatoes is 3,000 bushels per week.In this situation,a 4% rise in the price of potatoes would reduce the quantity demanded by
A) 92 bushels per week.
B) 120 bushels per week.
C) 156 bushels per week.
D) 975 bushels per week.
Correct Answer:

Verified
Correct Answer:
Verified
Q66: If a rise in the price of
Q67: Suppose we examine how the consumer's optimum
Q68: To construct an ordinary demand curve for
Q69: On average over all goods,it has been
Q70: The Engel curve contains information that is
Q72: The Law of demand can only be
Q73: An inferior good is ordinary:<br>A) always.<br>B) if
Q74: Consider the ordinary and compensated demand curves
Q75: The set of income-quantity pairs showing the
Q76: An inferior good is one for which