Multiple Choice
Suppose that when the price of coffee beans goes from $1 to $1.20 per pound,production increases from 90 million pounds of coffee beans per year to 100 million pounds.
Using the mid-point method,the percentage change in quantity supplied would be:
A) 11 percent.
B) 18 percent
C) 0.6.
D) 6.
Correct Answer:
Verified
Correct Answer:
Verified
Q75: A baker of chocolate chip cookies is
Q121: A good is inelastic if:<br>A)total revenue increases
Q122: An increase in price:<br>A)causes a decrease in
Q123: Suppose when the price of calculators is
Q124: Assuming elasticity is reported in absolute value,a
Q125: When a good has a lot of
Q127: The longer people have to adjust to
Q129: Which elasticity measures producers' responsiveness to a
Q130: If the price of cereal changes by
Q131: A microchip manufacturing plant is likely to