Use the information/statement below to answer questions: 10. Because of exceptionally good weather conditions, this year's supply of-eucumber in Batinah is 20% greater than last year's supply. Assume that once cucumber is grown, the supply curve for cucumber is perfectly inelastic. Also assume that the demand curve for cucumber is the same this year as it was last year. If the price of cucumber is 25% lower this year than it was last year, what can we conclude? 10. The price elasticity of demand for cucumber is: a. -1.25 b. -1.00 © - 0.80 d. -0.25
Use the information/statement below to answer questions: 10. Because of exceptionally good weather conditions, this year's supply of-eucumber in Batinah is 20% greater than last year's supply. Assume that once cucumber is grown, the supply curve for cucumber is perfectly inelastic. Also assume that the demand curve for cucumber is the same this year as it was last year. If the price of cucumber is 25% lower this year than it was last year, what can we conclude? 10. The price elasticity of demand for cucumber is: a. -1.25 b. -1.00 © - 0.80 d. -0.25
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter4: The Market Forces Of Supply And Demand
Section: Chapter Questions
Problem 6QR
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