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Neem Products - Refer to Table 16-2. Which of the following statements is true about the two markets

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Neem Products - Refer to Table 16-2. Which of the following statements is true about the two markets

Table 16-2

Quantity Demanded in Middle Fall (tubes per week)	Price per Tube	Quantity Demanded in West Fall (tubes per week)	Price per Tube
1	$8.00	1	$5.00
2	7.00	2	4.50
3	6.00	3	4.00
4	5.00	4	3.50
5	4.00	5	3.00

Neem Products sells its Ayurvedic Neem toothpaste in two completely isolated markets with demand schedules as shown in Table 16-2. The average cost of production is constant at $2 per tube.

Refer to Table 16-2. Which of the following statements is true about the two markets?

• The demand in Middle Fall is more price elastic than the demand in West Fall.

• The demand in Middle Fall is less price elastic than the demand in West Fall.

• The demand in Middle Fall is more income elastic than the demand in West Fall.

• The demand in Middle Fall is less income elastic than the demand in West Fall.

Textbook

Microeconomics

Edition: 7^th

Authors: Hubbard, O'Brien

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cooldawg69

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More solutions for this book are available here

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