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Sublight2097 Sublight2097
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8 years ago
If a drought reduced by 20 percent the quantity of wheat available for consumption, by how much would the price of wheat have to rise to clear the market if the price elasticity of demand was .25?
A) 4 percent
B) 4.5 percent
C) 5 percent
D) 25 percent
E) 80 percent
Textbook 
The Economic Way of Thinking

The Economic Way of Thinking


Edition: 13th
Authors:
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DropxDropx
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#1
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8 years ago
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Sublight2097 Author
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#2
8 years ago
Another one in the books, marking it solved.
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#3
8 years ago
Thanks for the feedback Slight Smile
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