1. On June 16, 2020 the price of one can of sardines is 12.50 pesos. On that time, Lorenzo is willing to buy 240 cans. The following week, the price of a can of sardines increase and this time Lorenzo is only willing to buy 192 cans. If the demand is 0.92, how much is the new price.
1. On June 16, 2020 the price of one can of sardines is 12.50 pesos. On that time, Lorenzo is willing to buy 240 cans. The following week, the price of a can of sardines increase and this time Lorenzo is only willing to buy 192 cans. If the demand is 0.92, how much is the new price.
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter5: Elasticity
Section: Chapter Questions
Problem 9SCQ: Suppose the cross-price elasticity of apples with respect to the price of oranges is 0.4, and the...
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1. On June 16, 2020 the price of one can of sardines is 12.50 pesos. On that time, Lorenzo is willing to
buy 240 cans. The following week, the price of a can of sardines increase and this time Lorenzo is only
willing to buy 192 cans. If the demand is 0.92, how much is the new price.
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