Solved

The Figure Above Shows the Supply Curve for Roses

Question 155

Multiple Choice

   The figure above shows the supply curve for roses. -Suppose a decrease in supply raises the price from $4.00 to $5.50 and decreases the quantity demanded from 2,000 to 1,500.Using the midpoint method,the elasticity of demand equals A)  2.10. B)  1.11. C)  0.90. D)  0.72. E)  None of the above answers is correct.
The figure above shows the supply curve for roses.
-Suppose a decrease in supply raises the price from $4.00 to $5.50 and decreases the quantity demanded from 2,000 to 1,500.Using the midpoint method,the elasticity of demand equals


A) 2.10.
B) 1.11.
C) 0.90.
D) 0.72.
E) None of the above answers is correct.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions