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S 6. Problems and Applications Q6 The price of coffee fell sharply last month, while the quantity sold remained the same. Five people suggest various explanations: Demand decreased, but it was perfectly inelastic. Van: Amy: Carlos: Demand decreased, but supply increased at the same time. Demand decreased, but supply was perfectly inelastic. Deborah: Supply increased, but demand was perfectly inelastic. Felix: Supply increased, but demand was unit elastic. Who could possibly be right? Check all that apply. Van O Amy Carlos Deborah Felix

S 6. Problems and Applications Q6 The price of coffee fell sharply last month, while the quantity sold remained the same. Five people suggest various explanations: Demand decreased, but it was perfectly inelastic. Van: Amy: Carlos: Demand decreased, but supply increased at the same time. Demand decreased, but supply was perfectly inelastic. Deborah: Supply increased, but demand was perfectly inelastic. Felix: Supply increased, but demand was unit elastic. Who could possibly be right? Check all that apply. Van O Amy Carlos Deborah Felix

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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S 6. Problems and Applications Q6 The price of coffee fell sharply last month, while the quantity sold remained the same. Five people suggest various explanations: Demand decreased, but it was perfectly inelastic. Van: Amy: Carlos: Demand decreased, but supply increased at the same time. Demand decreased, but supply was perfectly inelastic. Deborah: Supply increased, but demand was perfectly inelastic. Felix: Supply increased, but demand was unit elastic. Who could possibly be right? Check all that apply. Van O Amy Carlos Deborah Felix
Transcribed Image Text:S 6. Problems and Applications Q6 The price of coffee fell sharply last month, while the quantity sold remained the same. Five people suggest various explanations: Demand decreased, but it was perfectly inelastic. Van: Amy: Carlos: Demand decreased, but supply increased at the same time. Demand decreased, but supply was perfectly inelastic. Deborah: Supply increased, but demand was perfectly inelastic. Felix: Supply increased, but demand was unit elastic. Who could possibly be right? Check all that apply. Van O Amy Carlos Deborah Felix
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