Assume that the slope of the demand curve for carrots is (-5) If the price of carrots is $150 per ton and the quantity demanded at this price is 60 tons, then the elasticity of demand at this price is: Select one: a. 2 b. 5 c. 0.2 d. 0.5

Assume that the slope of the demand curve for carrots is (-5) If the price of carrots is $150 per ton and the quantity demanded at this price is 60 tons, then the elasticity of demand at this price is: Select one: a. 2 b. 5 c. 0.2 d. 0.5

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Assume that the slope of the demand curve for
carrots is (-5) If the price of carrots is $150 per ton
and the quantity demanded at this price is 60
tons, then the elasticity of demand at this price is:
Select one:
a. 2
b. 5
c. 0.2
d. 0.5

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