Question
Please answer a, b , c, d, or e and explain why. Economics 110. demand and supply analysis, demand and supply elasticities suppose that the
Please answer a, b , c, d, or e and explain why. Economics 110. demand and supply analysis, demand and supply elasticities
suppose that the quantity of lemonade demanded falls from 110 000 litres per week to 90 000 litres per week as a result of a 5% increase in its price. the price elasticity of demand for lemonade is therefore
a) 20
b) 4.2
c) 4
d) 3.6
e) impossible to compute
an improvement in the technology used to produce solar panels will
a) lead to a rightward shift in the supply curve
b) lead to a leftward shift in the supply curve
c) lead to a leftward shift on the demand curve
d) lead to a rightward shift on the demand curve
e) have no effect on the supply or demand curves for solar panels
with a downward-sloping straight-line demand curve, price elasticity of demand is
a) indeterminate
b) decreasing continuously with price increases
c)rising continuously with price increases
d) increasing to the midpoint of the curve and then decreasing
e) constant everywhere on it
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