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spruckj spruckj
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5 years ago

Question 1.

At a price of $100, Beachside Canoe Rentals rented 11 canoes. When it increased its rental price to $125, 9 canoes were rented. Calculate the absolute value of the price elasticity of demand for canoe rentals using the midpoint formula.

• 2

• 1.25

• 0.9

• 0.75

Question 2.

Consider the following types of demand curves:
a.a vertical demand curve
b.a horizontal demand curve
c.a linear downward-sloping demand curve

Which of the demand curves listed exhibits a price elasticity of demand coefficient that remains constant along the demand curve?

• a only

• b only

• a and b only

• a, b, and c
Textbook 
Microeconomics

Microeconomics


Edition: 7th
Authors:
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sliceofoctopisliceofoctopi
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spruckj Author
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#2
5 years ago
Exactly what I needed for my project, TYSM
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